Banks, EU – Baltic States, Financial Services, Latvia, Lithuania

International Internet Magazine. Baltic States news & analytics Sunday, 20.10.2019, 09:49

EBRD to withdraw from Lithuania's Siauliu Bankas, to stay in Citadele – new Baltics head

BC, Vilnius, 20.09.2019.Print version
The European Bank for Cooperation and Development, which has invested almost EUR 1 billion in Lithuania, has come to the point of withdrawal from shareholders of Lithuania's Siauliu Bankas, but it plans to stay a Citadele shareholder for some time, Ian Brown, the EBRC head of Baltics said in an interview with the Lithuanian business daily Verslo Zinios, referred LETA/BNS.

"We have been a shareholder for quite long, since 2005. It has already been announced that Siauliau Bankas is now considering several strategic alternatives. And it would be a natural time for us to withdraw from the bank's shareholders, if a new investor comes," Brown said.

"We are the second-largest shareholder of Citadele after Ripplewood but we have no plans to leave this bank yet," he added.

The EBRD invested into Siauliu Bankas in 2005 when it acquired a 16.1% stake for EUR 5.8 mln. As Siauliu Bankas later increased its capital, the EBRD invested additionally by converting its loans into shares, and now it owns a 26% stake.






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