Vilnius, Lithuania, 2015-03-09 08:15 CET (GLOBE NEWSWIRE) -- Invalda LT, AB and Šiaulių bankas, AB have signed a Letter of Intent on 2015 March 7th, which foresees a possible integration of Finasta banking business with Šiaulių bankas. Once the deal would be closed, Invalda LT would become a shareholder in Šiaulių bankas and Šiaulių bankas would take over Finasta banking business.
Šiaulių bankas would make a new share issue which will be bought by Invalda LT in order to pay for the bank Finasta shares.
The valuation of the deal will be revealed once the parties sign a binding agreement – this should be agreed by the April 15th, 2015.
In order to close the deal, relevant permissions from the Bank of Lithuanian and other institutions are needed, as well as Šiaulių bankas shareholders’ decision on a new share issue and other actions related to this.
Invalda LT, AB will continue to hold 100 percent of the asset management company Finasta Asset Management, which manages pension and investment funds, provides portfolio management services and has about 50 thousand clients.
The brand name Finasta will remain within Invalda LT group. Wealth management services, which are currently provided by bank Finasta will continue to be provided through a financial brokerage company which is owned by Invalda LT.
The person authorized to provide additional information:
Vytautas Plunksnis
Investment manager
Phone +370 682 55 526
E-mail:vytautas@invaldalt.com