Banks, Financial Services, Investments, Lithuania, Markets and Companies

Zalgirio Sporto Arena became a subsidiary of Ukio Bankas. Zalgirio Sporto Arena holds in ownership and manages under rent contracts land plots in the central part of Vilnius and the real estate on these plots.

Shares of Zalgirio Sporto Arena were taken over from several debtors of the bank considering that upon taking over the shares and becoming the sole shareholder the bank will be able to accelerate the development and implementation of the real estate project carried out by the company, and also will avoid possible loan impairment losses', Arnas Zalys, the Chairman of Ukio Bankas Board, said.

In order to maximize the value of the real estate project it is planned to split up the project into parts and implement each of them separately, the taken over shares, therefore, will be transferred to five new specialized subsidiaries set up for property management which will endeavor to manage separate parts of the real estate project with the maximum effectiveness.

The bank has no intention to allocate additional funds for investments in the real estate project implemented by Zalgirio Sporto Arena.

From now on, in addition to Ukio Bankas, Ukio Bankas Group owns the subsidiaries Zalgirio Sporto Arena, UAB ZSA 1, UAB ZSA 2, UAB ZSA 3, UAB ZSA 4, UAB ZSA 5, Ukio Banko Lizingas, Ukio Banko Investiciju Valdymas, Ukio Banko Rizikos Kapitalo Valdymas, Investicinio Turto Valdymas, Bonum Publicum, Turto Valdymo Paslaugos, Trade Project, and Eastern Europe Development Fund.

Ukio Banko Rizikos Kapitalo Valdymas owns a 100% interest in RAB Ukio Bank Lizing.