On 31 March this year, the boards of AB Bank SNORAS and AB “Invalda” approved of the purchase and sales transaction of AB “Invalda” financial group's companies.
On 31 March this year, the boards of AB Bank SNORAS and AB “Invalda” approved of the purchase and sales transaction of AB “Invalda” financial group's companies. According to this transaction, Bank SNORAS group will acquire 100 per cent of the shares of AB “Finasta įmonių finansai” owning AB bankas “Finasta”, the brokerage company “Finasta”, the asset management companies “Invalda turto valdymas” and “Invalda Asset Management Latvia”.
“This step is a natural expansion of AB Bank SNORAS group seeking to consolidate its positions in all banking sectors. Bank SNORAS is a leader in the retail banking and within the last years it gained a foothold in business banking; however, after acquiring the financial group ”Finasta“, the positions will be strengthened in the spheres of investment management and private banking. ”Finasta“ is the leader in this sphere; therefore, we are sure that our transaction will become a challenge to other participants of the financial market,” states Raimondas Baranauskas, the president of AB Bank SNORAS.
According to R. Baranauskas, in the financial history of the country the unification of forces of two banks is an unprecedented event, which once again confirms that Bank SNORAS, for a number of times being the first to implement innovative solutions on the national market, continues to remain one of the most advanced banks in its field of activity. Since 2005, AB Bank SNORAS has managed the controlling shareholding of “Latvijas AB Latvijas Krājbanka” - the oldest bank operating in the neighbouring country.
After the transaction, the value of the investment funds owned by Bank SNORAS group will increase even by fourteen times and will exceed LTL 150 million. The bank's group will offer the clients 16 investment funds, 9 of which will be taken over from “Invalda” group, and 8 pension funds, whose services the bank had not provided until now.
“The companies of AB ”Invalda“ financial sector are among the leaders in their sphere of activity, they have a strong team, a large and qualitative customer base; therefore, we are positive about the success of this transaction. Our buyable business is good in the long-term outlook; however, this sector needs investments, which AB ”Invalda“ is not ready to increase. It is the last major transaction performed in an attempt to stabilize the activity of ”Invalda“ group. We can claim that now ”Invalda“ has adapted to the changes and is ready to carry out the activity in the present economic situation,” maintains Vytautas Bučas, the chairman of the Board of AB “Invalda”.
The dates when the takeover transaction of Bank SNORAS group and the companies of AB “Invalda” group comes into force will become clear upon receiving confirmations from the financial market control institutions - the Bank of Lithuania, the Securities Commission, Competition Authority as well as Latvian Financial Supervisory Authority and Competition Authority.
Bank SNORAS group enhanced its investment banking forces on March 10 this year as well by finishing the reorganisation after which UAB “SNORAS Asset Management” commenced its activity; it comprises the investment funds managing companies UAB “SNORO fondų valdymas” and UAB “JT investicijų valdymas”.
Bank SNORAS group has been providing the investment management services to its clients since 2006.