Invalda INVL (former name – Invalda LT), one of the largest investment and asset management groups in Lithuania, signed agreements regarding the sale of bank Finasta and brokerage company Finasta shares to Siauliu bankas. To close the deal Siauliu bankas will issue new shares, which will be acquired by Invalda INVL.
Final transaction price will depend on change in Finasta group companies’ equity and market price of held to maturity financial instruments. According to Invalda INVL management estimates, transaction value should exceed EUR 6 million. It is agreed that Siauliu bankas will issue new shares for EUR 0.29 per share.
According to Invalda INVL president Darius Sulnis, the deal regarding integration of Finasta banking activities into Siauliu bankas is signed because Invalda INVL group is concentrating on core asset management business.
“We highly value Siauliu bankas’ sustainable growth and improvement. We believe in successful strategy to be very close to a large array of Lithuanian clients – small and medium size enterprises and natural persons and offer them broadest product range which improves bank’s competiveness and value”, – said D. Sulnis.
Conditions neccessary to close the transaction are: Siauliu bankas shareholders’ decision regarding the new share issue, Bank of Lithuania and Competion council permits. It is planned that the deal will be closed in third quarter of 2015.
“We acquire two well-known Lithuanian financial companies. We will be able to offer a broader range of services to the clients, better saving terms and complex investment solutions. Also we will expand high quality personalized financial services and we see an opportunity for growth by providing services in capital markets”, – said Vytautas Sinius, Head of Siauliu bankas administration.
Brand name Finasta will be used by Invalda INVL group. Wealth management services, which are currently provided by bank Finasta, will provided by Invalda INVL through a newly established brokerage company.
Invalda INVL-owned asset management companies MP Pension Funds Baltic, INVL Asset Management and Latvian Finasta Asset Management had more than 150 thousand clients and managed EUR 303.5 million of assets at the end of first quarter of 2015.
Siauliu bankas shares are listed on NASDAQ Vilnius stock exchange. On May 11, 2015 market capitalization of Šiaulių bankas amounted to EUR 87.4 million.