Šiauliu Bankas takes over a part of the assets and liabilities of Ūkio Bankas
On 23 of February, Šiauliu Bankas, the temporary administrator of Ūkio bankas and the State undertaking “Deposit and Investment Insurance” have signed an agreement on the transfer of Ūkio bankas’assets, transactions, rights and liabilities to Šiaulių bankas.
“The negotiations have been intense and challenging considering the complexity of issues on the table. The most important task now is to resume the provision of services to the former customers of Ūkio Bankas. This will require considerable efforts and time which we are prepared to give”, said Audrius Žiugžda, CEO of Šiauliu Bankas.
A.Žiugžda added that Šiauliu Bankas owned by the European Bank for Reconstruction and Development (EBRD) and Lithuanian investors, was in a strong financial condition and capable of resuming business services for customers of Ūkio bankas as well as maintaining its already high standard of service to its own long-standing clients.
"We believe that the achieved agreement will result in new and bigger possibilities of growth for our bank’s clientele, staff and shareholders while the entire banking system in Lithuania will become stronger and even more competitive”, said Algirdas Butkus, Chairman of the Board of Šiauliu Bankas.
The European Bank for Reconstruction and Development (EBRD) the biggest shareholder of Šiauliu bankas fully supports this deal. The EBRD informed that EBRD will provide the subordinated debt of 20 million of Euro seeking to strengthen the capital base of Šiaulių bankas, to facilitate the process of take over of the banking activates of Ūkio bankas and to stabilize the situation in the Lithuanian financial sector.
Sylvia Gansser-Potts, EBRD Director, Financial Institutions, emphasized that they welcomed this news and appreciate the swift resolution of a troubled Ūkio Bankas. “This has ensured stability in the sector and we are pleased that EBRD will also be able to provide necessary financial support to strengthen Šiauliu Bankas”, said she.
Information about the resumption of services for former clients of Ūkio Bankas will be provided for clients and media in subsequent press releases. Also information will be provided on www.sb.lt, www.ub.lt, www.lb.lt and client service lines Šiaulių Bankas ph. 1813 toll free line ph. 8 800 10 007 (calling from Lithuania) and ph. +370 37 395 532 (calling from abroad).
The agreement has been signed by ( from the left to the right): Deputy Director of the State Undertaking „Deposit and Investment Insurance“ Darius Čerka, Chairman of the Board of Šiaulių bankas Algirdas Butkus, temporary administrator of Ūkio bankas Adomas Audickas and Chief Executive Officer Audrius Žiugžda.