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Invalda INVL, Tesonet and ME Investicija to acquire 18% stake in Siauliu Bankas from EBRD

By Joy Dumasia

December 27, 2021

  • Acquisition
  • Asset Management
  • ERBD

Invalda INVL asset management group, Tesonet technology group, and ME Investicija, a holding company that owns Girteka Logistics, have signed independent agreements with the European Bank for the Reconstruction and Development to acquire a significant part of its current stake in Siauliu Bankas.

The agreements foresee the EBRD selling 18.02% of Siauliu Bankas’ shares to the three buyers in total (c. 5.87% to Invalda INVL; c. 5.87% to Tesonet group (the party to the contract is Nord Security UAB, soon to be renamed Tesonet Global UAB); c. 6.29% to ME Investicija) in a series of transactions, starting at the end of 2021, and ending in mid-2024, part of which may be subject to regulatory approvals. The buyers are acting separately as independent parties.

The EBRD had provided considerable support to Siauliu Bankas, the fourth largest bank in Lithuania, for well over a decade, establishing its first equity holding in the bank in 2005, when it obtained a 16% stake. The EBRD demonstrated a continued belief in and support of Siauliu Bankas, eventually increasing its stake to 26.02% by 2018.

 Melis Ekmen Tabojer, Director of EBRD’s EU Banks and Structured Finance team, said: “Our long-term investment has contributed to Siauliu Bankas’ development and profitability. The EBRD, as a minority shareholder, will remain involved with the bank. We welcome the interest and confidence in the bank demonstrated by the three buyers. We will continue to work with the bank’s supervisory board, its management team and existing and new shareholders to secure the bank’s sustainable growth in the changing landscape of the banking industry.”

Darius Šulnis, CEO of Invalda INVL, commented: “We greatly value the contribution of the Founders, EBRD and the whole Siauliu Bankas team to the bank’s significant growth and achievements. As shareholders, we support further steps toward maintaining and strengthening the bank’s team and strong market position through modern and client-oriented service offering.”

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