Russia's Konversbank is acquiring Lithuania's mid-sized Snoras Bank as a vehicle to enter European Union markets
Published:
24 March 2003 y., Monday
Russia's Konversbank is acquiring Lithuania's mid-sized Snoras Bank as a vehicle to enter European Union markets once the ex-Soviet Baltic state joins the bloc in 2004, Lithuania's central bank said on Friday.
"This is already EU territory in their view," said Bank of Lithuania Governor Reinoldijus Sarkinas.
The central banker told reporters that Konversbank had reported purchasing a holding company that owns a 49.9 percent stake in Snoras, hoping later this year to increase that stake and take direct control of the Lithuanian bank.
He added that the deal did not need approval by the Lithuanian and Russian central banks until the direct shareholder, the Luxembourg-registered Incorion Investment Holding Company, or the size of its stake, changed.
He saw no relation with a failed $300 million investment, which authorities blocked last May over suspected links to Russian organized crime, which would have boosted Snoras' capital 10 times and made it the largest bank in the Baltics.
Snoras is Lithuania's fourth-largest bank. It reported a 2002 profit of 10.3 million litas (3 million euros), with total assets of 1.13 billion litas at year-end.
Interfax recently ranked Konversbank as Russia's 133rd largest bank by assets. Media reports say it is owned 85 percent by Akademkhimbank and 14.26 percent by the Russian state, with one share belonging to Alfa Bank.
Šaltinis:
themoscowtimes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
New legislation for pan-European supervision of credit rating agencies and a public debate on how financial institutions are managed.
more »
On 2 June in Vilnius, Lithuania‘s Vice-Minister of Foreign Affairs Asta Skaisgirytė Liauškienė and Deputy Director General of the World Trade Organization Rufus H. Yerxa discussed the main issues on the international trade policy agenda, Russia‘s WTO accession and the changing role of China in the world economy.
more »
2157 former construction workers in Spain and 598 ex-employees at the Irish crystal glass company Waterford Crystal with suppliers could get €11 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Wednesday.
more »
Companies from the UK, Belgium, Germany and Spain have won the 2010 European Business Awards for the Environment.
more »
The planned overhaul of EU fisheries policy should devolve more powers to regions, protect small coastal fleets and boost aquaculture, said MEPs and members of national parliaments on Tuesday.
more »
The first in a series of loan agreements for energy efficiency investments in multi-apartment buildings was signed today between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and Šiaulių bankas.
more »
Despite the current economic crisis and tensions in the euro, Estonia is set to adopt the single currency in January.
more »
Commission proposes a bank tax to cover the costs of winding down banks that go bust.
more »
The European Investment Bank will provide a total of EUR 400 million to Hellenic Petroleum SA in order to increase the production of cleaner fuels via the upgrading of the Elefsina refinery.
more »
European ministers meet on Tuesday and Wednesday in Brussels at the final Competitiveness Council to be held during the six months of the Spanish Presidency, which has an agenda laden with important issues such as the electric vehicle, the European patent system and national R+D investment goals.
more »