Šiaulių Bankas has signed an agreement on acquisition of two financial companies


Šiaulių Bankas has signed an agreement on acquisition of 100 per cent of shares of Bank Finasta AB and financial brokerage company Finasta.

Šiaulių Bankas is acquiring 100 per cent of shares of Bank Finasta AB from its major shareholder Ivalda INVL AB as well as from the small shareholders and 100 per cent of shares of Finasta FMĮ AB from its single shareholder Ivalda INVL AB. 

"We're acquiring two well-known Lithuanian financial companies. We will be able to offer a wider range of services to our clients, even better savings terms and complex investment decisions, to expand individualized high-quality financial services and, what is more, we see prospects of growth through provision of services to the capital markets. Besides, when after completion of this transaction the buyer receives its settlement and acquires the shares of Šiaulių Bankas, the bank's capital will increase as well", - said Chief Executive Officer of Šiaulių Bankas Vytautas Sinius.

According to V. Sinius this acquisition is a significant step implementing the bank's strategy and should be welcomed by the existing and potential bank's customers and shareholders.

According to President of Invalda INVL Darius Šulnis this transaction allowing integration of Finasta's banking activities into Šiaulių Bankas is concluded as a result Invalda INVL Group decision to focus on the asset management as its core activity.

"Šiaulių Bankas can be characterized by sustainable growth and constant development - which we do appreciate. We believe that successful implementation of the bank's strategy aiming to be closest to the major part of Lithuanian customers, i.e. to small and medium-sized business and individuals, and to offer them the widest range of services, increases the bank's competitiveness and value", - said D. Šulnis.

A final price of the transaction will be calculated according to a formula recorded in the agreement at the moment of closing of the transaction after receiving all required permits and following the financial statements of bank Finasta and Finasta FMĮ. Preliminary value of the transaction is 6.7 million euros, however it may differ at the moment of closing of the transaction when a final payable amount is calculated.

Šiaulių Bankas shall issue a new share issue to settle for this transaction. It is planned that a price of a new share issue of Šiaulių Bankas will comprise 0.29 euro per share.

According to the independent conclusion provided by the company KPMG Baltics invoked by Šiaulių Bankas implementation of the transaction in accordance with the formula specified in the agreement and paying for the acquired companies with the issued shares at the aforementioned issue price as well as the transaction price are fair from financial point of view of Šiaulių Bankas' shareholders

Šiaulių Bankas will take control over the acquired companies on the day of closing of the transaction which, in turn, will depend on required permits issued by other competent authorities and a resolution of Šiaulių Bankas' shareholders to issue a new share issue.  On the basis of this agreement the transaction regarding acquisition of the above mentioned companies is planned to be completed over the third quarter of the year.

Šiaulių Bankas has already carried out legal and tax due diligence of these companies. The bank has already received confirmation from the Commission for Evaluation of Compliance of Potential Participants with the National Security Interests containing non-objection with respect to this transaction. The bank is still awaiting permits from the Bank of Lithuania and the Competition Council.

The shares of both companies - Šiaulių Bankas and Invalda INVL – are listed on the NASDAQ Vilnius Stock Exchange.