Banks, Financial Services, Lithuania
International Internet Magazine. Baltic States news & analytics
Friday, 26.04.2024, 14:26
EBRD to convert loan into Lithuania's Siauliu Bankas' shares
BC, Vilniaus, 08.08.2018.
Print version
Print versionThe 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.
«The Baltic Course» Is Sold and Stays in Business!
