Bank Snoras Creditors’ Committee announced about setting the minimal Finasta Banking Group selling price and the sale method. Also, the Committee authorised the Bankruptcy Administrator to complete the negotiations with the best bidder – consortium of Invalda LT, one of the major companies in Lithuania investing in other businesses and managing assets, and other investors.
The completion of the transaction still needs to be approved by the Lithuanian Competition Council and Latvian Financial and Capital Market Commission. The signing of the Share Purchase Agreement is also pending.
Finasta Bank and financial brokerage company should be acquired together with Audrius Ziugzda and other banking professionals, but the asset management companies in Lithuania and Latvia should be 100% owned by Invalda LT.
Finasta group includes Bank Finasta, Finasta Asset Management, financial brokerage company Finasta and Latvian company Finasta Asset Management. The equity capital of these companies in the end of 2013 exceeded EUR 7 million (LTL 24.2 million).