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
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »