After gaining approval from government regulators, AB Bank SNORAS has completed a 100% acquisition of fellow Lithuanian banking group Finasta Imoniu Finansai. The transaction includes LLC Finasta, AB Bank Finasta, IPAS Invalda Asset Management Latvia, and Invalda Turto Valdymas; all purchased by SNORAS from investment management firm AB Invalda. SNORAS spent LTL 45.75 million on the acquisition.
Finasta Group (www.finasta.lt)
The Finasta Group is a collection of banking and financial asset companies headed by its flagship Finasta Bank, Lithuania’s first commercial bank established in 1994. Finasta Bank focuses primarily on investment services, corporate finance, and financial management services, but deals in traditional banking services as well. Company headquarters are located in Lithuania’s capital city, Vilnius.
AB Bank SNORAS (www.snoras.com)
Founded in 1992 as a small regional bank, SNORAS has grown to become an industry leader and one of the largest consumer and commercial banks in Lithuania.
The bank offers retail and corporate banking, investment banking, and corporate financial services to clients through its 10 regional offices, 11 branch offices, and more than 550 combined ATMs and local outlets.
Invalda (www.invalda.lt)
Invlada was founded in 1992 and is now one of the world’s largest asset management and investment companies, focusing its activity mainly in the countries of Central & Eastern Europe.
Invalda deals in the financial, infrastructure, pharmaceutical, real estate, and furniture manufacturing sectors. The firm is based in Vilnius.
22/09/2009
Central & Eastern Europe, Exit, Financial Services, Lithuania, Private Equity News