EBRD investment in Šiaulių bankas

2005-06-03


EBRD investment in Šiaulių bankas

Šiaulių bankas, which was recognized as the fastest growing bank in the Baltic states, has signed an agreement with EBRD under which EBRD will acquire shares of Šiaulių bankas of the new issue for LTL 20.4 million (it will represent 16.1% of the bank’s registered capital). This investment will provide an opportunity to Šiaulių bankas to grow further successfully, to increase the volume of provided services and improve their quality, to stimulate the development of small and medium-size businesses in Lithuania.

EBRD and Šiaulių bankas has been business partners for the last five years. A granted special credit line of EBRD to Šiaulių bankas made it possible to finance small and medium-sized enterprises and enabled to credit more than 600 small and medium-sized enterprises under more favourable conditions. 76% of the total loan portfolio of Šiaulių bankas is allocated to small and medium-size businesses.

Šiaulių bankas has been growing rapidly and was transformed from regional to the national bank servicing customers at 44 branches and client service centres in 26 towns of Lithuania.

Together with EBRD Šiaulių bankas are starting a new development stage. The Bank strives to increase its market position in the country and support for small and medium-sized enterprises, a sector which remains the underlying activities of the bank.