Siauliu Bankas AB - Notification on material event

The Valuation Report of transferred Assets and Liabilities has been received

Šiauliai, Lithuania, 2013-10-11 15:05 CEST (GLOBE NEWSWIRE) -- 

On 11 October 2013 the KPMG Baltics, UAB provided Šiaulių bankas AB with the
final valuation report of assets and liabilities transferred from Ūkio bankas
AB under the Agreement on Transfer of Assets and Liabilities dated 23 February
2013 with its further amendments concluded by Ūkio bankas AB, Šiaulių bankas AB
and the state enterprise "Deposit and Investment Insurance". 

According to the data of the provided report the value of the liabilities taken
over by Šiaulių bankas AB comprises LTL 2725 million while the value of taken
over assets comprises LTL 1798 million. The composition of the taken over
assets (in LTL, million): 

Cash and cash equivalents                    367
Debt securities                              433
Loans                                        652
Subsidiaries                                 154
Debt securities of the subsidiary companies  153
Other assets                                  38

In compliance with article 76¹ of the Law on Banks of the Republic of Lithuania
the state enterprise "Deposit and Investment Insurance" undertakes to Šiaulių
bankas  to cover  the difference of  LTL 128 million in value, which occurred
between the final and preliminary valuation. 

The valuation of assets does not substantially alters the bank's capital
adequacy and liquidity ratios. As of 1 October 2013 the bank's liquidity ratio
was 50.4 % (the prudential requirement set by the Bank of Lithuania is 30 %),
the bank's capital adequacy ratio was 10.8 % (the established requirement is 8
%). 




         Chief Executive Officer Audrius Žiugžda shall provide the additional
information and is available on tel. +370 52636157