Invalda LT, one of the major companies in Lithuania investing in other businesses and managing assets, together with its partners seeks to acquire Finasta group.
The Board of the Bank of Lithuania issued a permission to acquire Finasta group. The permission is valid till 31 March 2015.
“We have placed a competitive bid to acquire companies of Finasta group in Lithuania and Latvia. The deal is subject to approval by the Bank Snoras creditor’s committee, which manages Finasta group, therefore there are no guarantees that Invalda LT will be chosen as the buyer” – Darius Sulnis, the president of Invalda LT, said.
According to Mr. Sulnis, the approvals of the Competition Council in Lithuania as well as the Financial and Capital Market Commission in Latvia are required to complete the deal.
Finasta bank and financial brokerage company should be acquired together with Audrius Ziugzda and other banking professionals, but the asset management company 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).