Bankas Snoras AB - Notification on material event

Concerning information in mass media

We hereby inform you that the information, announced in the Internet portals on
4 May this year, about AB Bank SNORAS intentions to acquire GE Money Bank, is
not realistic. Presently neither AB Bank SNORAS, nor any other company of
SNORAS group intends to invest in GE Money Bank. Furthermore, a transfer of the
block of shares of AS Latvijas Krajbanka or its part is also not planned. We
also want to draw attention of investors to the fact that the Bank notifies
about all decisions, related to acquisition or transfer of companies, under the
order established by the laws. 


         Vladimir StreckijDirector of Finance Brokerage Department
         Tel. +370 5 232 72 12