{"id":19688,"date":"2023-11-30T16:32:42","date_gmt":"2023-11-30T14:32:42","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=19688"},"modified":"2023-11-30T16:32:45","modified_gmt":"2023-11-30T14:32:45","slug":"siauliu-bankas-and-invalda-invl-completed-the-merger-of-retail-businesses","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/siauliu-bankas-and-invalda-invl-completed-the-merger-of-retail-businesses\/","title":{"rendered":"\u0160iauli\u0173 Bankas and Invalda INVL completed the merger of retail businesses"},"content":{"rendered":"\n
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\u0160iauli\u0173 Bankas and Invalda INVL have successfully completed the merger of their retail businesses. Effective 1 December 2023, \u0160iauli\u0173 Bankas Group will take over the management of II pillar and III pillar pension funds and retail investment funds, expanding the range of investment options available to clients. Additionally, the Group will introduce a revamped suite of life insurance products. Invalda INVL will become the largest shareholder of \u0160iauli\u0173 Bankas when the transaction is finalised.<\/p>\n

On 30 November 2023, Invalda INVL and \u0160iauli\u0173 Bankas formally completed the EUR 41.8 million merger of their retail businesses, which was announced a year ago. In total, the transaction involves more than 210,000 clients and over EUR 1.2 billion of client assets under management in the Baltics. As a result of this transaction, the combined funds entrusted by clients, as deposits, assets under management and assets under custody, to \u0160iauli\u0173 Bankas Group will surpass EUR 6 billion. Additionally, the combined number of employees will surpass 1,100.<\/p>\n

\u201cInvalda INVL has long been a significant shareholder of \u0160iauli\u0173 Bankas, and the merger further demonstrates its unwavering confidence in our company’s growth prospects. The bank has a strong shareholder structure that includes prominent Lithuanian business leaders such as Invalda INVL, Willgrow, Tesonet Global, alongside international investors such as the European Bank for Reconstruction and Development (EBRD). In addition to these anchor investors, \u0160iauli\u0173 Bankas is trusted by more than 20,000 other domestic and foreign shareholders.<\/p>\n

The merger represents our ongoing commitment to purposeful transformation and growth. The team of 160 INVL specialists and experts joining \u0160iauli\u0173 Bankas Group will complement and enhance our expertise, enabling us to deliver an expanded range of services with exceptional quality for our clients.<\/p>\n

As a result, we will become more competitive and we are determined to grow faster than the market in the three key areas \u2013 retail, corporate and investment client segments. We believe that this will benefit all our customers and will encourage progress of the entire financial market in Lithuania\u201d says Vytautas Sinius, CEO of \u0160iauli\u0173 Bankas.<\/p>\n

\u201c\u0160iauli\u0173 Bankas, which has been successful in demonstrating measured growth, is already a market leader in individual segments. This transaction is another significant step forward, providing more and better choices for clients and opening new opportunities for the bank\u2019s consistent growth.<\/p>\n

We are increasing our stake in the bank that is steadily generating high returns and will become even more attractive to institutional and retail investors\u201d says Darius \u0160ulnis, CEO of Invalda INVL.<\/p>\n

Wider range of services and competences<\/strong><\/p>\n

About 200,000 Lithuanians have entrusted more than EUR 1 billion to INVL pension funds, demonstrating their confidence in the company’s investment expertise. According to pension fund image surveys, INVL is perceived by the public as a trustworthy specialised investment manager with a strong long-term track record. INVL is the market leader in terms of III pillar pension funds\u2019 assets under management.<\/p>\n

\u0160iauli\u0173 Bankas did not manage any pension and investment funds prior to this merger. Effective 1 December 2023, INVL II pillar and III pillar pension funds and investment funds for retail investors will be managed by SB Asset Management, a newly established company of \u0160iauli\u0173 Bankas Group. The team of investment managers and experts from INVL Asset Management will transition to SB Asset Management. Vaidotas R\u016bkas, who was previously the Head of INVL\u2019s Investment Management Division, will become the Director of the new company. SB Asset Management will continue to follow its unique investment strategy \u2018Index Plus\u2019 and maintain the names of pension and investment funds for the foreseeable future.<\/p>\n

The life insurance business of \u0160iauli\u0173 Bankas Group in Lithuania, Latvia and Estonia will be managed by SB draudimas. The company will be led by Rasa Kasperavi\u010di\u016bt\u0117, who previously served as Director of INVL Life and has more than 20 years of management experience in the international life insurance industry.<\/p>\n

To accelerate strategic growth, \u0160iauli\u0173 Bankas has enhanced its organisational structure. Laura Kri\u017einauskien\u0117, previously the CEO of INVL Asset Management, will undertake the leadership of the Retail Client Division. Tomas Varenbergas, formerly the Director of the Bank’s Market and Treasury Department, has been appointed as the Head of the Investment Management Division. Daiva \u0160orien\u0117, a long-standing member of the \u0160iauli\u0173 Bankas Management Board, will lead the Corporate Client Division. She previously held the position of Head of the Sales and Marketing Division in \u0160iauli\u0173 Bankas.<\/p>\n

“By integrating the capabilities of both entities, we intensify our focus on retail, corporate, and investment client segments and enhance our overall capabilities” asserts Mr. Sinius.<\/p>\n

\u0160iauli\u0173 Bankas has the best client service in Lithuania as demonstrated by multiple mystery shopper surveys. \u00a0Additionally, it has the most extensive network of client service units, with 55 branches across 36 cities and towns in Lithuania. \u0160iauli\u0173 Bankas is also one of the market leaders in financing solutions for small and medium-sized businesses.<\/p>\n

Invalda INVL \u2013 the largest shareholder<\/strong><\/p>\n

To finalise the transaction, \u0160iauli\u0173 Bankas will issue a targeted share issue which will be acquired by the Invalda INVL Group at the price of EUR 0.645 per share. \u0160iauli\u0173 Bankas, still must register the amendments to the Articles of Association regarding the increase of the authorised capital, after receiving the permission of the Bank of Lithuania. This is expected to be done by the end of this year.<\/p>\n

Invalda INVL will receive 9.39% of the shares of \u0160iauli\u0173 Bankas and will become the largest shareholder of \u0160iauli\u0173 Bankas. It is expected that next year, after the implementation of all the signed share transfer agreements, the shareholding of Invalda INVL in \u0160iauli\u0173 Bankas will reach almost 20%, Willgrow (the manager of Girteka Logistics) will own 8.9%, the EBRD will own 7.2%, Tesonet Global will own 5.3%, and the founders, Algirdas Butkus and Gintaras Kateiva, and their related parties will each own 4.9%. The remaining of \u0160iauli\u0173 Bankas shares are held by institutional and retail investors.<\/p>\n

Talisman served as the financial advisor to \u0160iauli\u0173 Bankas, while Ernst & Young Baltic, a global professional services firm, conducted an independent valuation of Invalda INVL’s retail business. The law firm Walless provided legal counsel to \u0160iauli\u0173 Bankas, and the law firm Sorainen advised Invalda INVL.<\/p>\n

The Invalda INVL Group will remain active in private equity and other alternative investment management and will provide family office services across the Baltic states. Paulius \u017durauskas, who was previously Head of Asset Management, will become the new CEO of INVL Asset Management, effective 1 December 2023.\u00a0<\/strong><\/p>\n

About \u0160iauli\u0173 Bankas<\/strong><\/p>\n

Founded in 1992, \u0160iauli\u0173 Bankas is the largest bank with Lithuanian capital, providing a full range of banking services to individuals, businesses, and investors. Renowned for its reliability and financial expertise, \u0160iauli\u0173 Bankas has the most extensive network of branches spanning 36 cities and towns across Lithuania. \u0160iauli\u0173 Bankas shares are listed on the Nasdaq Vilnius Stock Exchange.<\/p>\n

About Invalda INVL<\/strong>\u00a0<\/em><\/p>\n

Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. Growing and developing with an open approach, it creates well-being for people through its work. The group\u2019s companies manage more than EUR billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group\u2019s scope of activities also includes family office services in Lithuania, management of pension funds in Latvia, and investments in global third-party funds.<\/p>\n

The shares of Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995. Further information: https:\/\/www.invaldainvl.com\/en\/<\/a><\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"

\u0160iauli\u0173 Bankas and Invalda INVL have successfully completed the merger of their retail businesses. Effective 1 December 2023, \u0160iauli\u0173 Bankas Group will take over the management of II pillar and III pillar pension funds and retail investment funds, expanding the range of investment options available to clients. Additionally, the Group will introduce a revamped suite of life insurance products. Invalda INVL will become the largest shareholder of \u0160iauli\u0173 Bankas when the transaction is finalised.<\/p>\n","protected":false},"author":19,"featured_media":19709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-19688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases"],"acf":[],"yoast_head":"\n\u0160iauli\u0173 Bankas and Invalda INVL completed the merger of 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\/press-releases\/siauliu-bankas-and-invalda-invl-completed-the-merger-of-retail-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0160iauli\u0173 Bankas and Invalda INVL completed the merger of retail businesses - Invalda INVL\" \/>\n<meta property=\"og:description\" content=\"\u0160iauli\u0173 Bankas and Invalda INVL have successfully completed the merger of their retail businesses. 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