Invalda INVL will sell Finasta bank and brokerage company shares to Šiaulių bankas, will acquire shares of Šiaulių bankas


Vilnius, Lithuania, 2015-05-12 07:29 CEST (GLOBE NEWSWIRE) -- Invalda INVL (former name - Invalda LT), one of the largest investment and asset management groups in Lithuania, signed agreements regarding the sale of bank Finasta and brokerage company Finasta shares to Šiaulių bankas. To close the deal Šiaulių bankas will issue new shares, which will be acquired by Invalda INVL.

Conditions necessary to close the transaction are: Šiaulių bankas shareholders’ decision regarding the new share issue, Bank of Lithuania and Competion council permits. It is planned that the deal will be closed in the third quarter of 2015.

Final transaction price will depend on change in Finasta group companies’ equity and market price of held to maturity financial instruments. According to Invalda INVL management estimates, transaction value should exceed EUR 6 million. It is agreed that Šiaulių bankas will issue new shares for EUR 0.29 per share.

Šiaulių bankas shares are listed on NASDAQ Vilnius stock exchange. On May 11, 2015 market capitalization of Šiaulių bankas amounted to EUR 87.4 million.

Brand name Finasta will be used by Invalda INVL group. Wealth management services, which are currently provided by bank Finasta, will provided by Invalda INVL through a newly established brokerage company.

The deal regarding transfer of banking activities is signed because Invalda INVL group is concentrating on asset management business. Invalda INVL-owned asset management companies MP Pension Funds Baltic, INVL Asset Management and Latvian Finasta Asset Management had more than 150 thousand clients and managed EUR 303.5 million of assets at the end of first quarter of 2015.

 

         The person authorized to provide additional information:
         Darius Sulnis
         President
         Phone +370 5279 0601
         E-mail: darius.sulnis@invl.com