{"id":19403,"date":"2023-11-22T09:30:16","date_gmt":"2023-11-22T07:30:16","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=19403"},"modified":"2023-11-22T09:30:18","modified_gmt":"2023-11-22T07:30:18","slug":"ecb-approval-enables-invalda-invl-to-complete-transfer-of-the-retail-business-to-siauliu-bankas-group","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/ecb-approval-enables-invalda-invl-to-complete-transfer-of-the-retail-business-to-siauliu-bankas-group\/","title":{"rendered":"ECB approval enables Invalda INVL to complete transfer of the retail business to \u0160iauli\u0173 Bankas Group"},"content":{"rendered":"\n
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The European Central Bank (ECB) has permitted Invalda INVL, the leading Baltic investment management and life insurance group, to acquire from 10% to 20% of the shares of \u0160iauli\u0173 Bankas.<\/p>\n

The decision by the ECB was the last of the regulatory approvals required for Invalda INVL to be able to transfer its retail business in accordance with an agreement signed on 22 November 2022. Under the agreement, the second- and third-pillar pension funds that the company now manages in Lithuania and its life insurance business in the Baltic countries are being merged with the \u0160iauli\u0173 Bankas Group.<\/p>\n

\u201cWe are pleased that the required permissions have been obtained and we can complete this transaction of great significance to both parties. All this year, our team has given priority to work on the successful merger of the retail businesses with \u0160iauli\u0173 Bankas and preparations for the changes that are needed for the further growth of Invalda INVL,\u201d says Darius \u0160ulnis, the CEO of Invalda INVL.<\/p>\n

Completion of the transaction to transfer the retail assets to the \u0160iauli\u0173 Bankas Group is planned by 1 December 2023. After the transaction, Invalda INVL will receive 9.39% of \u0160iauli\u0173 Bankas shares.<\/p>\n

To complete the transaction, \u0160iauli\u0173 Bankas will make a targeted issue of shares for purchase by the Invalda INVL group at the price of EUR 0.645 per share. To finalise the transaction, once payment is made for the new shares, \u0160iauli\u0173 Bankas will be able to register the increased share capital and related amendments to its Articles of Association, which will require additional regulatory approval from the Bank of Lithuania. Closing of the transaction is expected by the end of 2023.<\/p>\n

After this transaction, the Invalda INVL group\u2019s stake in \u0160iauli\u0173 Bankas will increase to 18.45%. The group will remain active in the management of alternative investments, provide Family Office services in the Baltic countries, and manage second- and third-pillar pension funds in Latvia.<\/p>\n

About 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 across 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 2 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>\u00a0<\/em><\/p>\n

The shares of Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995. Invalda INVL\u2019s equity at the end of June 2023 was EUR 129.8 million.<\/em><\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"

The European Central Bank (ECB) has permitted Invalda INVL, the leading Baltic investment management and life insurance group, to acquire from 10% to 20% of the shares of \u0160iauli\u0173 Bankas.<\/p>\n","protected":false},"author":19,"featured_media":19252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-19403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases"],"acf":[],"yoast_head":"\nECB approval enables Invalda INVL to complete transfer of the retail business to \u0160iauli\u0173 Bankas Group - 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\/press-releases\/ecb-approval-enables-invalda-invl-to-complete-transfer-of-the-retail-business-to-siauliu-bankas-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECB approval enables Invalda INVL to complete transfer of the retail business to \u0160iauli\u0173 Bankas Group - 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