Šiaulių bankas signed a syndicated loan agreement amounting in EUR 30 million


A loan facility to Šiaulių bankas has been organized by the Austrian bank Raiffeisen Zentralbank Österreich AG and the German bank HSH_Nordbank AG. Besides these two banks the facility has been joined by other banks from Germany, Austria, Switzerland, Portugal, Norway, France and Poland - all in all by thirteen European banks.

 The loan amounting in EUR 30 million is the first commercial syndicated loan and up to now the biggest credit line granted to Šiaulių bankas by the international financial organizations. More than a half loan amount is granted for a three-year tranche while the rest is provided for a one-year period.

“We have been expecting to exceed the loan amount of EUR 15 million, however, such a huge interest shown by the European banks as well the high appraisal of Šiaulių bankas was a pleasant evaluation of our efforts. It is obvious that the ratings of Šiaulių bankas are growing and the bank is earning bigger and bigger international recognition”, - said the Deputy Chairman of the Board of Šiaulių bankas Donatas Savickas.

The received funds will be used for general corporate purposes and small and medium-sized business funding. The favourable conditions of the facility will enable Šiaulių bankas to become more competitive in the Lithuanian financial market by providing credits. The constant improvement of lending conditions as well as the methodical attraction of financial recourses allowed Šiaulių bankas increasing its loan portfolio by 1,4 times up to LTL 1,1 billion during the last twelve months.

Šiaulių bankas started its rapid integration into the international loan market a few years ago when the European Bank for Reconstruction and Development had become its financial partner and the major shareholder running 16,1 per cent of its authorized capital.

In 2007 Šiaulių bankas is planning to earn LTL 26 million in net profits. The good results achieved in the first half year allow to project that this margin will be easily achieved.