AB Bank SNORAS group acquired “Finasta” group

On 16 September 2009, AB Bank SNORAS group finished the transaction during which it purchased from AB “Invalda” with its own funds 100 per cent of the shares of AB “Finasta įmonių finansai”, managing AB Bank “Finasta”, as well as 100 per cent of the shares of the companies AB FMĮ “Finasta”, UAB “Invalda turto valdymas” and IPAS “Invalda Asset Management Latvia”. The value of the transaction is LTL 45.75 million (EUR 13.25 million).

After implementing this transaction, Bank SNORAS group’s assets in Lithuania will exceed LTL 8 billion. Bank SNORAS group leading in the retail banking will considerably strengthen its positions in the spheres of investment banking and asset management. On the basis of “Finasta” group Bank SNORAS group is planning to form the most solid investment service subdivision in the region, which will be operating both in Lithuania and abroad.

“After executing this transaction, Bank SNORAS group will enter a new stage. ”Finasta“ is an excellent investment bank, and the qualification of the employees of ”Finasta“ group companies in the sphere of investment banking and asset management is very high. Merging of ”Finasta“ group companies with Bank SNORAS group will be beneficial both to the current clients of Bank SNORAS and ”Finasta“ customers,” says Raimondas Baranauskas, the President of AB Bank SNORAS. “Soon we will offer the products of ”Finasta“ group in the most expansive retail network of Bank SNORAS, while ”Finasta“ will be able to offer Bank SNORAS products to its clients”.

The current customers of Bank SNORAS group will be able to invest in 16 investment and 8 pension funds. The value of the investment funds managed by Bank SNORAS group will increase thirteen times and will exceed LTL 190 million.

Bank SNORAS group in the investment banking will acquire the same solid positions as in the retail banking – Bank SNORAS group will own almost one-fifth of the Lithuanian investment funds market, 3.3 per cent of the second tier pension funds market and 7.1 per cent of the third tier pension funds market.