Banks, Financial Services, Investments, Lithuania
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Saturday, 20.04.2024, 10:03
Lithuania's Medicinos Bankas may be sold to strategic or financial investor
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Medicinos Bankas said that it has picked Deloitte and the law firm TGS Baltic as its advisors in the process.
"We are not rushing into decisions, but we could hardly find a better time to look at possible strategic alternatives," said Irmantas Kamienas, the chairman of the bank's supervisory board.
"The bank is doing very well: its profit doubled in the first half of this year, its loan portfolio is growing sustainably (and) its capital adequacy ratios are considerably above the established standards," he added.
Konstantinas Karosas became the bank's majority shareholder after his father, Saulius Karosas, died early this year.
Medicinos Bankas' first-half net profit more than doubled y-o-y to 1.56 mln euros.
The bank's assets grew by 3% over the first six months of 2019 to reach 339 mln euros in late June. Its loan portfolio expanded by 16% to 197 mln euros.
Karosas owns 89.91% of shares in Medicinos Bankas. Western Petroleum holds a 9.87% stake in the bank and businessman Vytenis Rasutis has 0.22%.
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