Banks, Financial Services, Lithuania

International Internet Magazine. Baltic States news & analytics Friday, 19.10.2018, 16:39

EBRD to convert loan into Lithuania's Siauliu Bankas' shares

BC, Vilniaus, 08.08.2018.Print version
The European Bank for Reconstruction and Development, one of the shareholders of Lithuania's Siauliu Bankas, will convert its 20 mln-euro subordinate loan, issued to the bank in 2013, into the bank's shares, informs LETA/BNS.

Under the loan agreement, signed in February, 2013, EBRD has the right, at its sole discretion, to demand to convert the loan into ordinary shares of Siauliu Bankas.


The bank was notified of EBRD's wish on August 6.


The whole outstanding principal amount of the loan, which on the date amounts to 20 mln euros, will be converted into the bank's shares for a price of 0.35 euros per share.


The move will still need approval of the bank's shareholders.


EBRD became a Siauliu Bankas shareholder in 2005 when it acquired 16.1% of the bank's authorized capital for 20.4 mln litas.


In late 2017, EBRD owned 18.24% of the Lithuanian bank's shares.

 






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