The Hansabank Group controlled by Swedish Svedbank and the Lithuanian State Property Fund signed an agreement for the purchase of Lietuvos Taupomasis Bankas.
Published:
27 April 2001 y., Friday
On April 23 the Hansabank Group controlled by Swedish Svedbank and the Lithuanian State Property Fund signed an agreement for the purchase of Lietuvos Taupomasis Bankas (Lithuanian Savings Bank).
According to the agreement Hansabank will pay USD 37.5 million for 90.7% of the shares of the Lithuanian Savings Bank and will invest another USD 37.5 million in the coming 18 months. USD 20 million from the new investment will be used to increase the authorized capital and USD 7.5 million – for new information technologies. It has not yet been decided what will be the name of the purchased bank.
The Hansabank Group is a financial organization operating in the Baltic States with assets worth USD 2.5 billion. The Group employs 3,400 people who provide banking services to 1.2 million individual and 80 corporate clients.
Swedish Svedbank is Hansabank’s controlling shareholder with assets worth over USD 100 billion and 5.6 million clients. About 1 million of them use e-banking.
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