On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.

On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million (EUR 21 million). During the bonds placement the accrued funds after the permission of the Bank of Lithuania is received will be included into Tier II bank capital.

“The growing capital of AB Bank SNORAS ensures the basis for the farther expansion of the bank‘s activity both in Lithuania and abroad; it will also allow to be more flexible while accepting strategic decisions. The capital growth strengthens the financial capacity of the bank and undoubtedly it is good news for the investors. We consider that this step can positively be reflected in the evaluations of rating agencies”, states Raimondas Baranauskas, the president of AB Bank SNORAS.

These securities of AB Bank SNORAS will not be distributed openly and they will not be included in the trading lists of stock exchanges. The total emission of these perpetual debt securities included in the capital was purchased by the main shareholders of the bank.

These AB Bank SNORAS bonds will be included into Tier II Bank capital after the Board's of the Bank of Lithuania approval. To approve such resolution for the Bank of Lithuania allows General Provisions on Perpetual Debt Securities and Their Inclusion in the Bank Capital approved by the resolution of the Board of the Bank of Lithuania. The international rating agencies while rating the banks such financial instruments also include in the bank capital.

It is not for the first time that Bank SNORAS becomes the bank which implements an innovative decision on the Lithuanian banking market - several years ago Bank SNORAS was first in the country to publicly distribute the emission of preference shares, and in 2007 it successfully issued Eurobonds.