Necessary regulatory approvals received for the transfer of part of Invalda INVL Group’s businesses to the Group of Šiaulių bankas, AB
22 Noviembre 2023 - 1:30AM
Necessary regulatory approvals received for the transfer of part of
Invalda INVL Group’s businesses to the Group of Šiaulių bankas, AB
On 21 November 2023, a decision of the European
Central Bank is received by which no objection is raised to the
acquisition by Invalda INVL, AB of between 10 and 20 per cent of
the shares and voting rights in Šiaulių bankas, AB (hereinafter
referred to as Šiaulių bankas).
On 22 November 2022, the Group of Šiaulių bankas
and Invalda INVL entered into a Master Agreement to merge Invalda
INVL’s indirectly managed asset management retail clients and life
insurance businesses (hereinafter referred to as the
Transaction).
More information of the Transaction was
published in the Material Event Announcement dated 23 November 2022
and the Notification of Resolutions of Shareholders’ Meeting dated
22 February 2023.
This decision of the European Central Bank is
the last of the regulatory decisions/permissions required to
implement the Transaction.
“The Transaction, which has been ongoing for
almost a year, is now on the finish line. All permits have been
obtained, processes are in place and colleagues are ready. We
expect to close the Transaction as planned until 1 December,” says
Vytautas Sinius, CEO of Šiaulių bankas.
Earlier this year, the Bank of Lithuania issued
a permission to INVL Asset Management, UAB, to transfer the
management of investment funds and pension funds to SB Asset
Management, UAB, and INVL Life, UADB, i. e. permission to transfer
rights and obligations under insurance contracts to SB draudimas,
UAB, and granted other permissions/decisions that were to be
obtained by the companies of Šiaulių Bankas Group in order to
complete the Transaction. Following the implementation of the
Transaction, Invalda INVL will acquire 9.39 per cent of the
authorised capital of Šiaulių bankas, for which Šiaulių bankas will
issue new shares and amend the Articles of Association, subject to
the approval of the Bank of Lithuania.
The completion of the Transaction will take
place in two stages:
- The assets agreed in the Transaction will be transferred by
Invalda INVL Group to Šiaulių Bankas Group at 00:00 a.m. on 1
December 2023 (midnight from 30 November 2023 to 1 December 2023),
after the respective bodies of the parties to the Transaction have
taken the final decisions required for the completion of the
Transaction;
- The Transaction is expected to be finalised once the Bank of
Lithuania has given the permission to register the amendments to
the Articles of Association of Šiaulių bankas, following the
registration of the increase of the Bank’s authorised capital in
the Register of Legal Entities, the registration of the new shares
in Nasdaq CSD SE and the admission of the new shares to trading in
the regulated market of Nasdaq Vilnius, AB, within 1 month of the
transfer of the businesses to Šiaulių Bankas Group, i.e. by the end
of 2023.
For further information, please contact:
Tomas VarenbergasHead of Investment Management
Divisiontomas.varenbergas@sb.lt
Siauliu Bankas Ab (LSE:0KC0)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Siauliu Bankas Ab (LSE:0KC0)
Gráfica de Acción Histórica
De May 2023 a May 2024
