{"id":17625,"date":"2023-01-31T18:11:28","date_gmt":"2023-01-31T16:11:28","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=17625"},"modified":"2023-02-01T08:20:12","modified_gmt":"2023-02-01T06:20:12","slug":"invalda-invl-shareholders-to-vote-on-deal-with-siauliu-bankas-to-merge-their-retail-businesses","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/invalda-invl-shareholders-to-vote-on-deal-with-siauliu-bankas-to-merge-their-retail-businesses\/","title":{"rendered":"Invalda INVL shareholders to vote on deal with \u0160iauli\u0173 Bankas to merge their retail businesses"},"content":{"rendered":"\n
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The shareholders of Invalda INVL, the leading investment management and life insurance group in the Baltic region, will vote on whether to approve a deal with \u0160iauli\u0173 Bankas to merge their retail businesses.<\/p>\n

An extraordinary general meeting of Invalda INVL shareholders will be held on 22 February. A meeting of \u0160iauli\u0173 Bankas shareholders, whose approval is also needed for closing of the transaction, will be held the same day.<\/p>\n

The equity value of the retail business merger transaction is EUR 40.16 million. To finalise the transaction, \u0160iauli\u0173 Bankas would issue targeted share issue for purchase by the Invalda INVL group at the price of EUR 0.645 per share. Completing the deal would give Invalda INVL 9.39% of the share capital of \u0160iauli\u0173 Bankas and the second- and third-pillar pension funds and mutual funds that Invalda INVL currently manages in Lithuania as well as its life-insurance business would become part of the \u0160iauli\u0173 Bankas group.<\/p>\n

Invalda INVL and \u0160iauli\u0173 Bankas signed an agreement on the merger of part of their retail businesses on 22 November 2022.<\/p>\n

\u201cThe merger of \u0160iauli\u0173 Bankas\u2019 and Invalda INVL\u2019s retail businesses would further strengthen the bank and its ability to provide diversified financial services in a modern, flexible manner. This would bring benefits and convenience to the existing customers of the bank and INVL as well as to the market as a whole. It would open new opportunities for the combined team, and would create value for the shareholders of \u0160iauli\u0173 Bankas and Invalda INVL.<\/p>\n

A bank that actively grows, develops a portfolio of the best services and solutions on the market, maintains high profitability and diversification, and is attentive to its share value \u00a0would be even more attractive to institutional and private investors\u201d, – Darius \u0160ulnis, the President of Invalda INVL, says.<\/p>\n

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

Completion of the merger of \u0160iauli\u0173 Bankas\u2019s and Invalda INVL\u2019s retail businesses is planned in late 2023. The transaction will be closed after it is approved by extraordinary meetings of the shareholders of Invalda INVL and \u0160iauli\u0173 Bankas and after all the required regulatory permissions are obtained.<\/p>\n

Following this transaction, the Invalda INVL group will remain active in the management of private equity and alternative investments, provide Family Office services in the Baltic countries, and manage second- and third-pillar pension funds in Latvia.<\/p>\n

At the extraordinary general meeting on 22 February, Invalda INVL\u2019s shareholders will also vote on appointing an audit firm to audit the company\u2019s annual financial statements for the year 2022. It is proposed that shareholders approve continuing collaboration with KPMG Baltic, selecting it to audit the annual accounts for 2022 with the possibility of appointing the firm to audit the financial statements for 2023 and\/or 2024 as well.<\/p>\n

About <\/strong>Invalda INVL<\/strong><\/p>\n

Invalda INVL is a leading Baltic investment management and life insurance group. Growing and developing with an open approach, it creates well-being for people through its work. The group\u2019s companies operate in Lithuania, Latvia and Estonia and serve over 300,000 private and institutional clients from the Baltic region and abroad. Those clients have entrusted the Invalda INVL group with the management of more than EUR 1.75 billion of assets in a variety of asset classes including pension funds, mutual funds and life insurance commitments as well as individual portfolios, private equity and other alternative investment activities.<\/em><\/p>\n

\u00a0<\/em>The shares of Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995.<\/em><\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"

The shareholders of Invalda INVL, the leading investment management and life insurance group in the Baltic region, will vote on whether to approve a deal with \u0160iauli\u0173 Bankas to merge their retail businesses. 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