Šiaulių Bankas is increasing its authorized capital and paying dividends


The current year's General Meeting of Shareholders of Šiaulių Bankas AB was held on 30 March. During the Meeting shareholders have decided to increase the Bank's authorized capital by 18.2 million euros from retained earnings issuing 62.9 million of registered shares with a nominal value of 0.29 euro each. These shares shall be distributed to the shareholders free of charge in proportion to the total nominal value of shares owned by them at the end of the day of accounting of rights of the Meeting, which falls on 13 April 2016. Each shareholder is to receive 20 per cent of the free shares. Upon issuance of the aforementioned share issue the authorized capital of the Bank is to grow up to 109.5 million euros.

The Meeting has also passed a resolution to allocated dividends to the Bank's shareholders: 0.002 euro of dividends, representing 0.69 per cent of the nominal share value, shall be paid for each ordinary registered share bearing a nominal value of 0.29 euro.

"Last year proved to be one of the most successful in the Bank's history. The focused work in accordance with our business strategy has not only satisfied our expectations but also allowed to exceed the set goals.  We do believe that growing and expanding banking activities will continue contributing to the higher value of the shares", - said Vytautas Sinius.

After expiry of the term of office of the previous Supervisory Council the Meeting of Shareholders has elected the new Supervisory Council of the Bank with the certain changes in its composition.  Arvydas Salda, Gintaras Kateiva, Ramunė Vilija Zabulienė, Peter Reiniger and Valdas Vitkauskas have been re-elected for the coming 4-year term.  Two new members, i.e. Darius Šulnis and Martynas Česnavičius have been elected to join the Supervisory Council.  Persons who have been elected to the Supervisory Council for the first time shall start taking their offices only upon receiving the respective permission from the Bank of Lithuania.

The Meeting of Shareholders has also elected the independent audit company PricewaterhouseCoopers UAB to verify consolidated annual financial statements and consolidated annual reports of the Bank for the year 2016 and 2017. 

After listening to the Annual Report and audit's findings as well as to the comments and proposals of the Supervisory Council of the Bank, the Meeting of Shareholders has approved both the financial statements for 2015 and allocation of the profit. A resolution to amend the Charter of the Bank has also been passed.

Highlighting the achievements of 2015, Chief Executive Officer of Šiaulių Bankas Vytautas Sinius has emphasized the acquisition of the bank Finasta AB and brokerage firm Finasta AB as one of largest transactions in the market in 2015 which has opened the brand new service opportunities to the private and corporate customers of the Bank. 

Last year the Bank even more fortified its leading position in the area of housing renovation, holding 2/3 of the respective market share, and accomplished the process of its re-branding. Proactive and close cooperation with small and medium-sized businesses  and focus on the clients' needs  allowed to increase the number of the Bank's corporate customer by 9 per cent to 25.5 thousand while the number of private clients grew by 7 per cent  to 360.8 thousand respectively. 

In 2015, Šiaulių Bankas Group earned a net profit of 23.8 million euros which more than twice exceeded the result achieved in 2014. A net profit of Šiaulių Bankas amounted to 21.2 million euros and also by two times exceeded the net profit earned in 2014.  The Group's return on equity grew up to 19 per cent while return on assets reached 1.4 per cent. 

In light of recent years’ performance of the Bank and assessing its influence on the community and country's economy, two solid international business and finance magazines - the Banker and Global Finance - have recognized Šiaulių Bankas as the Best Bank in Lithunia 2015.