The Bank of Lithuania allowed AB Bank SNORAS to acquire AB bank “Finasta”

During the meeting, which took place on 3 September 2009 the Bank of Lithuania approved the transaction, according to which AB Bank SNORAS will acquire 100 percent of the shares of AB “Finasta įmonių finansai” owning AB bank “Finasta”.

“The Bank SNORAS group while acquiring the leading investment bank ”Finasta“ and other companies will strengthen its positions in the spheres of investment management and private banking. On completion of the agreement benefit will be felt by our clients, whom the Bank SNORAS will offer 16 investment funds. We will also offer 8 pension funds, whose services the bank had not provided until now”, states Naglis Stancikas, the First Vice-President of AB Bank SNORAS and the director of Investment Business Division.

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 after the transaction in the investment banking will acquire such strong positions as in retail banking - Bank SNORAS group will own almost the fifth part of the Lithuanian investment funds market, 3.25 percent of the second tier pension funds market and 7.3 percent of the third tier pension funds market.

The transaction, according to which Bank SNORAS group will acquire 100 percent of the shares of AB “Finasta įmonių finansai” owning AB bank “Finasta”, as well as 100 percent of the shares of “Finasta”, “Invalda turto valdymas” and “Invalda Asset Management Latvia” will be completed upon receiving confirmations from LR Competition Authority.

AB Bank SNORAS and AB “Invalda” signed the agreement on transfer of financial sector’s companies on 1 April 2009. The Securities Commission (SC) approved the acquisition of 100 percent shareholding of AB “Finasta” and AB “Invalda turto valdymas” on 23 July 2009.