Siauliu Bankas - Notification on material event

Šiaulių bankas company SB Asset Management has obtained a management company licence

SB Asset Management, a company established by Šiaulių bankas, has been granted by the Bank of Lithuania a license of a management company acting in accordance with the Law on Collective Investment Undertakings of the Republic of Lithuania.

SB Asset Management has been established in preparation for the implementation regarding the merger of Šiaulių bankas and Invalda INVL retail client asset management and life insurance businesses with Šiaulių bankas (see. Notice). It is estimated that after the transaction closing date the SB Asset Management would take over the management business of pension funds and investment funds for its further development.

”This license is an important achievement for implementation  of the transaction with Invalda INVL, allowing the merger to proceed as planned. We believe that the development of savings and investment solutions will bring more flexibility and attractiveness to our existing and future clients of Šiaulių Bankas Group, as well as enhance competition in the market”, says Tomas Varenbergas, Director of Treasury & Markets of Šiaulių Bankas.

Upon completion of the transaction with Invalda INVL, the Šiaulių bankas group would expand and strengthen the segment of retail banking services with savings and investment products. This would create the basis for Šiaulių bankas group to develop a new generation of financial services provider offering even wider range of services from a single source.

Additional information:
Tomas Varenbergas
Director of Treasury & Markets
tomas.varenbergas@sb.lt, +370 5 203 22 00