First of all, the EBRD would extend a subordinated loan to Šiaulių Bankas to strengthen the bank’s capital base for the potential transfer of assets, the has EBRD said in a press release. The amount of the loan had not been reported yet.
Audrius Žiugžda, CEO of Šiaulių Bankas, confirmed to BNS that the EBRD management had already taken a decision on the loan, yet refused to disclose its amount.
“We welcome this swift move as a decisive step towards consolidating the local banking sector and strengthening its stability. This will help overcome uncertainty and bolster trust and confidence in the whole sector,” said Jean-Marc Peterschmitt, EBRD managing director for Central and South Eastern Europe.
Šiaulių Bankas stated earlier on Wednesday that it was ready to start negotiations on taking over the banking business of Ūkio Bankas. According to Žiugžda, the bank is financially solid for such a step and has a transparent shareholders’ structure.
The EBRD held a 19.57-percent stake in Šiaulių Bankas in late September.
Šiaulių Bankas is quoted on the blue-chip Main List of the NASDAQ OMX Vilnius stock exchange.
On Wednesday, Šiaulių Bankas announced it opened talks on the takeover of assets and liabilities of Ūkio Bankas.
To this end, Šiaulių Bankas and Adomas Audickas, temporary administrator of Ūkio Bankas, signed a letter of intent on Wednesday, the bank reported through the NASDAQ OMX Vilnius Stock Exchange.
