{"id":17258,"date":"2022-11-23T09:01:45","date_gmt":"2022-11-23T07:01:45","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=17258"},"modified":"2022-11-23T09:06:39","modified_gmt":"2022-11-23T07:06:39","slug":"invalda-invl-and-siauliu-bankas-merge-their-retail-businesses","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/regulated-information\/invalda-invl-and-siauliu-bankas-merge-their-retail-businesses\/","title":{"rendered":"Invalda INVL and \u0160iauli\u0173 Bankas merge their retail businesses"},"content":{"rendered":"\n
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On 22 November 2022 \u0160iauli\u0173 Bankas and Invalda INVL signed an agreement on the merger of part of the retail businesses. The Management Board of Invalda INVL approved the agreement on 22 November 2022.<\/p>\n

After the closing of the transaction, the \u0160iauli\u0173 Bankas group, in addition to the financial services it already offers, will manage second-and third-pillar pension funds and mutual funds in Lithuania and will provide life insurance services throughout the Baltic countries. It is planned for the bank\u2019s subsidiary SB Draudimas to take over INVL\u2019s life insurance business in Lithuania, Latvia and Estonia, while the pension and mutual funds business in Lithuania will be carried out through a newly established company within the \u0160iauli\u0173 Bankas group.<\/p>\n

Once the deal is completed, Invalda INVL will obtain 62,270,383 units of \u0160iauli\u0173 Bankas shares, which will constitute 9.39 % of the authorized share capital of \u0160iauli\u0173 Bankas. To finalise the transaction, \u0160iauli\u0173 Bankas will issue a targeted share issue for purchase by the Invalda INVL group, at the price of EUR 0.645 per share (a premium of 5% over the bank\u2019s share price on the Nasdaq Vilnius exchange as of 22 November 2022).<\/p>\n

The equity value of the transaction is EUR 40.2 million. As announced in the Interim information for 6 months of 2022, the carrying value of the entire asset management and life insurance business, excluding historical investments in subsidiaries and investments in products managed by INVL, on 30 June\u00a0 2022 was equal to EUR 7.5 million. This carrying value is determined in accordance with international accounting standards using the equity method and does not reflect the fair value, which is significantly higher, as it is revealed by the transaction value.<\/p>\n

\u201cThe merger of these retail businesses will deliver greater value for clients, employees and investors. INVL\u2019s existing clients will continue to receive professional saving, investment and life insurance solutions as well as having additional access to the bank\u2019s wider suite of services. The combined team\u2019s shared aim is for the bank’s services to be the best choice available for customers. Employees, for their part, will have increased opportunities to develop and realise their potential. A bank that is actively growing, expanding its portfolio of services, maintaining high profitability and is attentive to its share value should become even more attractive to institutional and private investors.<\/p>\n

This deal benefits Invalda INVL shareholder\u2019s both due to anticipated faster growth in the value of the company’s stake in \u0160iauli\u0173 Bankas and the disclosure of fair value of the INVL’ retail business included in the process of the transaction. As required by international accounting standards, Invalda INVL\u2019s entire core investment management business is accounted for using the equity method which does not reflect its fair value, which is significantly higher.\u201d \u2013 Darius \u0160ulnis, President of Invalda INVL, says.<\/p>\n

The transaction will be completed after it is approved by the shareholders meetings of \u0160iauli\u0173 Bankas and Invalda INVL respectively and after all the required regulatory permissions are obtained. It is expected that this will happen at the end of 2023.<\/p>\n

After the completion of this and other announced planned share acquisitions, the Invalda INVL group\u2019s equity stake in \u0160iauli\u0173 Bankas will increase from the current 8% holding to approximately 20%.<\/p>\n

Following completion of the transaction, the Invalda INVL group will remain active in the management of private equity and alternative investments, providing Family Office services as well as managing second-and third-pillar pension funds in Latvia.<\/p>\n

 <\/p>\n

In order to disclose the information in as much detail as possible, we additionally attach the slides<\/a> presenting the transaction and the public announcement<\/a>.<\/p>\n

\u00a0<\/strong><\/p>\n

Person authorised to provide additional information:
\nDarius \u0160ulnis
\nPresident of Invalda INVL
\nE-mail darius.sulnis@invl.com<\/a><\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"

On 22 November 2022 \u0160iauli\u0173 Bankas and Invalda INVL signed an agreement on the merger of part of the retail businesses.<\/p>\n","protected":false},"author":9,"featured_media":14966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-17258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulated-information"],"acf":[],"yoast_head":"\nInvalda INVL and \u0160iauli\u0173 Bankas merge their retail businesses - Invalda INVL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/invalda-invl-and-siauliu-bankas-merge-their-retail-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invalda INVL and \u0160iauli\u0173 Bankas merge their retail businesses - 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