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European Bank for Reconstruction and Development reduces stake in Šiaulių Bankas

Siauliu Bankas
·2-min read

On 22 December 2021 the European Bank for Reconstruction and Development (EBRD) announced that it has agreed to sell an 18 per cent stake in Šiaulių Bankas. After 16 years as a shareholder, the EBRD is selling part of its stake of 26 per cent to a group of private investors.

The EBRD has signed three agreements with Invalda INVL, an asset management group, Nord Security, (part of the Tesonet group of companies and soon to be renamed Tesonet Global), and ME Investicija, a holding company that owns Girteka Logistics, to sell stakes of 5.87 per cent, 5.87 per cent and 6.29 per cent in the bank respectively.

"Such interest of current and new investors in our bank shows that we are on the right track and sustainable growth, development and business achievements are noticeable and appreciated in the market. We are proud to be a Lithuanian bank, therefore it is symbolic and at the same time we are glad that Lithuanian companies also acquire stakes. " said Vytautas Sinius, CEO of Šiaulių Bankas.

The acquisitions will take place through a series of transactions between now and June 2024 and may, in part, be subject to regulatory approvals.

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The EBRD made its first equity investment in Šiaulių Bankas in 2005. It has since been supporting the Lithuanian financial institution through debt and further equity transactions.

Melis Ekmen Tabojer, Director of the EBRD’s EU Banks and Structured Finance Department, said: “Our long-term investment has contributed to Šiaulių Bankas’ development and profitability. The EBRD, as a minority shareholder, will remain involved with the bank. We welcome the interest and confidence in the bank demonstrated by the three buyers. We will continue to work with the bank’s supervisory board, its management team and existing and new shareholders to secure the bank’s sustainable growth in the changing landscape of the banking industry.”

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