Nova Ljubljanska Banka d.d. (LJSE:NLBR) will sell its asset management arm NLB Skladi, Upravljanje Premozenja, d.o.o., the newspaper Finance has reported. NLB Skladi managed EUR 1.771 billion in assets at the end of March, generating a net profit of EUR 1.9 million in the first quarter of the year. At the end of last year NLB Skladi managed EUR 1.626 billion worth of assets, posting a net profit of EUR 5.5 million for 2020. "Due to increasing expectations of customers and regulators and increasingly specialised solutions in various fields of financial services, banking and asset management business is being consolidated across Europe," NLB told Finance. "Had we opted for it, NLB would make it a key condition to continue to provide the highest standards of services to its customers, but the decision has not been taken," the bank added. It would not disclose any further details about the sale. Unofficial information available to Finance indicates the recent growth was one of the reasons for the decision to sell NLB Skladi.