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Published: 6 april 2012 18:32

Snoras' assets to be sold out by April

Banko kioskelis
Eriko Ovčarenko/15min.lt nuotr. / Banko kioskelis

Companies and businesses owned by Lithuania’s collapsed commercial bank Snoras may be sold in April. The assets have drawn the attention of investors from the Baltic and Scandinavian countries, as well as the UK.

“All final investor bids will be assessed in a couple of weeks, so the potential sale of assets could take place as early as April. We have reached the stage in which we have to assess all parts of each bid and to scrutinize the legal aspects so as to ensure that the sale procedure best matches the creditor interests and brings maximum benefit,” bankruptcy administrator Neil Cooper said in a press release.

Potential buyers are interested in the acquisition of Snoras’ retail banking network, Snoro Lizingas (Snoras Leasing) and corporate banking group Finasta.

Snoras’ creditor committee might have to ratify certain or all bids, Cooper said.

The analysts say that the sale of Finasta, Snoro Lizingas and Snoras’ retail operations might fetch between 40 and 70 million litas (EUR 20.3 m). The experts estimate that Finasta Group might be sold for 26–30 million litas, and Snoro Lizingas for 10–15 million litas. Snoras’ retail banking kiosks could be sold for 7 million litas and other related real estate for up to 3 million litas.

The government nationalized Snoras on 16 November. A court on 7 December ruled to open bankruptcy proceedings against the bank and the ruling came into effect on 20 December.

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