Šiaulių Bankas has acquired Finastą
After receiving permissions from the Competition Council and the Bank of Lithuania, Šiaulių Bankas has completed the transaction to acquire 100 percent of the shares of both AB Bankas Finasta and the financial brokerage firm AB FMĮ Finasta.
“The incorporation of these two financial companies into the Šiaulių Bankas group is part of our strategy to offer a wide spectrum of products and services to our core customers – small and medium-size companies and private individuals. From now on Šiaulių Bankas will work even more actively in the area of investment products, providing personalized high-quality financial services, and the former Finasta bank clients will now be able to utilize the largest network of customer service outlets in Lithuania and get a wide range of financial services at the bank,” Šiaulių Bankas Chief Executive Officer Vytautas Sinius said.
Effective 17 July 2015, AB Bankas Finasta and AB FMĮ Finasta have become subsidiaries of Šiaulių Bankas. With the change of ownership, the activity and business processes of these companies will be integrated into Šiaulių Bankas – already this year if all goes well, according to Vytautas Sinius.
Šiaulių Bankas made settlement for the shares of the Finasta bank and brokerage company through a new issue of 21.35 million Šiaulių Bankas shares with a total nominal value of EUR 6.19 million. The shares of Šiaulių Bankas trade on the NASDAQ Vilnius exchange.
Šiaulių Bankas signed the agreement on acquiring 100 percent of AB Bankas Finasta and the financial brokerage firm AB FMĮ Finasta on 11 May this year.