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2023-11-22 08:30:00 CET 2023-11-22 08:29:59 CET Siauliu Bankas - Other informationNecessary regulatory approvals received for the transfer of part of Invalda INVL Group's businesses to the Group of Šiaulių bankas, ABOn 21 November 2023, a decision of the European Central Bank is received by which no objection is raised to the acquisition by Invalda INVL, AB of between 10 and 20 per cent of the shares and voting rights in Šiaulių bankas, AB (hereinafter referred to as Šiaulių bankas). On 22 November 2022, the Group of Šiaulių bankas and Invalda INVL entered into a Master Agreement to merge Invalda INVL’s indirectly managed asset management retail clients and life insurance businesses (hereinafter referred to as the Transaction). More information of the Transaction was published in the Material Event Announcement dated 23 November 2022 and the Notification of Resolutions of Shareholders’ Meeting dated 22 February 2023. This decision of the European Central Bank is the last of the regulatory decisions/permissions required to implement the Transaction. “The Transaction, which has been ongoing for almost a year, is now on the finish line. All permits have been obtained, processes are in place and colleagues are ready. We expect to close the Transaction as planned until 1 December,” says Vytautas Sinius, CEO of Šiaulių bankas. Earlier this year, the Bank of Lithuania issued a permission to INVL Asset Management, UAB, to transfer the management of investment funds and pension funds to SB Asset Management, UAB, and INVL Life, UADB, i. e. permission to transfer rights and obligations under insurance contracts to SB draudimas, UAB, and granted other permissions/decisions that were to be obtained by the companies of Šiaulių Bankas Group in order to complete the Transaction. Following the implementation of the Transaction, Invalda INVL will acquire 9.39 per cent of the authorised capital of Šiaulių bankas, for which Šiaulių bankas will issue new shares and amend the Articles of Association, subject to the approval of the Bank of Lithuania. The completion of the Transaction will take place in two stages:
For further information, please contact: Tomas Varenbergas ![]() |
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