The final report of valuation of Ūkio bankas' assets and liabilities transferred to Šiaulių bankas has been received

2013-10-11

On 11 October 2013 the KPMG Baltics, UAB provided Šiaulių bankas AB  with the final valuation report of the assets and liabilities taken over from Ūkio bankas AB under the Agreement on Transfer of Assets and Liabilities dated 23 February 2013 among Ūkio bankas AB, Šiaulių bankas AB  and the State undertaking "Deposit and Investment Insurance". 

The KPMG Baltics has established that the value of the liabilities taken over by Šiaulių bankas comprises LTL 2725 million, while the value of the taken over assets is LTL 1798 million. The composition of the taken over assets is as follows: Cash and other liquid funds comprise LTL 367 million, debt securities  - LTL 433 million, loans to clients - LTL 652 million, equity securities of Ūkio bankas' subsidiaries comprise  LTL 154  million, equity securities of Ūkio bankas' subsidiaries comprise  LTL 153 million, other assets - LTL38 million.

In compliance with article 76¹  of the Law on Banks of the Republic of Lithuania the state undertaking "Deposit and Investment  Insurance" assuming the debenture to Šiaulių bankas AB covers the difference of LTL 128 million in value which occurred between the final and preliminary assessment.

We kindly remind that after signing the tripartite agreement on 23 February 2013 and taking over a part of assets and liabilities of Ūkio bankas, Šiaulių bankas resumed the services for the former clients of Ūkio bankas over the shortest possible period  - on 5 March  already. 25 outlets of former Ūkio bankas were opened in several stages, the platform of operational information system of Ūkio bankas connected and the access to the Internet service system "Eta bankas" restored.

Over the resent six moth Šiaulių bankas has expanded its network up to 76 client service branches, the its clientèle has almost doubles and the number of employees increased by one third. In the middle of the year Šiaulių bankas was in the fourth position in Lithuania banking market by the volume of deposits and in the fifth place by assets. As of 1 October 2013 the bank's liquidity ratio reached 50.4 % (the prudential requirement set by the Bank of Lithuania is 30 %), the bank's capital adequacy ratio is 10.8 % (the established requirement is 8 %).

Implementing its business strategy Šiaulių bankas pays special attention to funding of small and medium-sized business, it assist its clients to seek  for financial welfare and stability and fosters the ambition to become a strong Lithuanian bank.