Šiaulių bankas will fund the acquisition of new Lietkabelis AB technologies


Šiaulių bankas has signed a crediting agreement with one of the largest companies in Panevėžys - public limited liability company Lietkabelis.

A company Lietkabelis engaging in a production of insulated electric wire and cable and operating in a market for more than fifty years, will use the assets received to cover credit indebtedness as well as for the new investments into a modern and fully automated production line of installation cables. The implemented innovative equipment will ensure the possibility for the company to use high specification material and produce new qualitative production. The credit provided by Šiaulių bankas will allow the company of Panevėžys to strengthen the efficiency of costs and monetary flow as well as increase productivity and company’s competitiveness.

“Economy of the country is gaining momentum but one of the most pressing concerns remains lack of working capital. We are constantly paying close attention towards the changing needs of clients, operating flexibly and seeking for a long-term partnership with the customers. We are a Lithuanian bank, thus the creation of favorable business environment for the Lithuanian enterprises, support and stimulation of their viability is one our main goal”, says Daiva Kiburienė, Deputy Chief Executive Officer of Šiaulių bankas and Head of Šiauliai Region.

“Until now we were working with three financial institutions with foreign capital. However, after Šiaulių bankas offered a flexible refinancing mechanism and other actual and useful financial decisions we saw outstanding opportunities for implementation of our company’s strategic plan: expand business opportunities and provide only high specification production to the market. Credit granting banking procedures did not raise any difficulties”, says a Director General of Lietkabelis AB Sigitas Gailiūnas.

At the beginning of 2011 Šiaulių bankas owned a loan portfolio of approximately LTL 1.7 billion, which increased by 3.2 per cent within the last year, while loan portfolio of the whole banking sector of Lithuania decreased by 5.2 per cent within the same period.