Resolutions of the shareholders of Šiaulių Bankas: increase in the authorised capital and dividends


During the meeting of shareholders of Šiaulių Bankas, held on 30 March 2017, the shareholders approved the proposal of the Board to increase the authorized capital by EUR 21.9 million, while using the funds of the bank and issuing 75.5 million ordinary registered shares with the nominal value of EUR 0.29. The issued shares shall be distributed, free of charge, to the shareholders in proportion to the total nominal value (20 percent each) of the shares held by them at the end of the day of accounting of rights of the Meeting (13/04/2017).

The meeting of shareholders also made the decision to distribute the profit of Šiaulių Bankas by paying dividends to the shareholders. It is suggested to pay dividends of EUR 0.005 per one ordinary registered share with the nominal value of EUR 0.29, representing 1.72 percent of the nominal value of the share.

“Last year was successful for Šiaulių Bankas - the bank earned the highest profit in its history, all main performance indicators increased. We strengthened our positions in the segments of small and medium-sized businesses and consumer financing, we were able to maintain a leading position in the market of financing the renovation of multi-apartment buildings. This year we expect that the volumes of lending will increase, we will continue to strengthen the risk management, try to increase the efficiency of operational processes, invest in the development of banking services and modernisation of electronic channels” - emphasized Vytautas Sinius, Chief Executive Officer of the bank.

During the meeting of shareholders another EBRD representative - Miha Košak was appointed as the new member of the Supervisory Board of Šiaulių Bankas instead of Peter Reiniger, the resigned member delegated by the European Bank for Reconstruction and Development (EBRD). The new member of the Supervisory Board is a specialist having an extensive experience in banking. M. Košak has a leading position in several Slovenian companies (“Gorenje Group”, “Aerodrom Ljubljana”) and is also engaged in the consultancy activities.

During the meeting, the shareholders heard the annual report and the report of the independent auditor, they also approved the set of financial statements and bank’s profit allocation. What is more, the shareholders decided to change several clauses of the Charter of the bank.

Šiaulių Bankas Group earned record profits last year, i.e., the net profit of nearly EUR 44 million. It increased by 83 percent in comparison with the year 2015. The annual net profit of the bank amounted to EUR 41.7 million. The results of the activities which are not typical to the bank had a great impact on the profitability: the rate of return exceeded 26 percent.

The strengthened capital base of Šiaulių Bankas and the growth of the bank were appreciated by the international rating agency “Moody’s” as it increased the rating of the bank. In 2016, international business and finance magazines “The Banker” and “Global Finance” recognised Šiaulių Bankas as the Best Bank in Lithuania (“Global Finance” awarded this title in 2017 as well). Last year, Global Banking & Finance Review recognised Šiaulių Bankas as the Best Bank of Small and Medium-Sized Businesses in Lithuania.