One of the leading asset management groups in Baltic States Invalda INVL sold shares held in Bank Finasta and financial brokerage company Finasta to the biggest local capital bank in Lithuania“ Siauliu Bankas“ and for assets of Bank Finasta will acquire 6,79 per cent of Siauliu Bankas shares.
Invalda INVL still controls an asset management companies INVL Asset Management (former – Finasta Asset Management), MP Pension Funds Baltic and Finasta Asset Management in Latvia. These companies have over EUR 300 million of assets under management and have more than 150 thousand clients.
In the transaction 100 per ent of shares in Finasta bank and financial brokerage company Finasta are valued EUR 6.19 million. Invalda INVL in the second quarter will book EUR 1.12 million in profits from Finasta shares revaluation.
“Our main activity is asset management so we will continue to focus on this business area. After the agreement to sell control of bank Finasta we are acquiring a minority stake in Siauliu Bankas. We believe that growth oriented strategy of Siauliu Bankas will increase value of the company” says Darius Sulnis, President of Invalda INVL.
Brand name Finasta will remain in Invalda INVL group. Invalda INVL will provide wealth management services which are currently provided by the bank Finasta through newly established financial brokerage company INVL Finasta.
On Friday Invalda INVL subscribed for 21.35 million of new issued shares of Siauliu Bankas for a price EUR 0.29 per share. Siauliu Bankas still needs to receive a permit from Bank of Lithuania to increase share capital.
Siauliu Bankas and Invalda INVL shares are listed on NASDAQ Vilnius stock exchange.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.