EBRD reduces stake in Lithuania’s Šiaulių Bankas

By Anton Usov

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Vilnius, Lithuania

  • EBRD is selling an 18 per cent stake in Šiaulių Bankas
  • Invalda INVL, Nord Security and ME Investicija to acquire stakes
  • Bank to continue engagement as minority shareholder

The European Bank for Reconstruction and Development (EBRD) has agreed to sell an 18 per cent stake in Šiaulių Bankas, a bank in Lithuania listed on Nasdaq Baltic and the largest remaining independent bank in the country which is not part of an international banking group. After 16 years as a shareholder, the Bank is selling part of its stake of 26 per cent to a group of private investors.

Today the EBRD has signed three agreements with Invalda INVL, an asset management group, Nord Security, (part of the Tesonet group of companies and soon to be renamed Tesonet Global), and ME Investicija, a holding company that owns Girteka Logistics, to sell stakes of 5.87 per cent, 5.87 per cent and 6.29 per cent in the bank respectively.

The acquisitions will take place through a series of transactions between now and June 2024 and may, in part, be subject to regulatory approvals.

The EBRD made its first equity investment in Šiaulių Bankas in 2005. It has since been supporting the Lithuanian financial institution through debt and further equity transactions.

Melis Ekmen Tabojer, Director of the EBRD’s EU Banks and Structured Finance Department, said: “Our long-term investment has contributed to Šiaulių Bankas’ development and profitability. The EBRD, as a minority shareholder, will remain involved with the bank.

“We welcome the interest and confidence in the bank demonstrated by the three buyers. We will continue to work with the bank’s supervisory board, its management team and existing and new shareholders to secure the bank’s sustainable growth in the changing landscape of the banking industry.”

To date, the EBRD has invested more than € 1.12 billion in the Lithuanian economy through 106 projects.

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