The committee of Snoras' creditors took a unanimous decision on Thursday on the investor in Finasta bank, Finasta Holding, and Snoro Lizingas.
"One of four potential investors, which has submitted the biggest bid, has been chosen. We cannot disclose any details about the investor or the sale price until the approval of the deal by the Bank of Lithuania and the signing of agreement with the investor," Aurelija Mažintienė, head of the state-owned Deposit Insurance Fund and the chairwoman of the creditors' committee, said in a press release.
Meanwhile, the Bank of Lithuania stated that it had not yet been asked officially to assess the acquisition of Finasta's shares.
The potential buyer would have to provide the central bank with a notification, documentation, and other data required to assess the deal and the potential buyer, said Bank of Lithuania's spokesman Giedrius Simonavičius.
"It will also be checked whether there are any grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing is being attempted, or that the proposed acquisition could increase the risk thereof," he added.
The media earlier reported that Finasta group was eyed by two consortia. One of them could include Tallinn-based Redgate Capital and the other – Alvydas Zabolis, managing partner at the private equity and investment banking group Zabolis Partners.
Mart Altvee, senior partner at Redgate Capital, declined to comment on the issue. He did not deny the unofficial information either.
"We do not comment," Altvee told BNS.
According to media reports, the UK-based merchant bank Omada Capital has offered around 10 million euros for Finasta Group. Finasta's management team was also seen as a serious buyer, but they did not have enough money.
Russian business paper Kommersant reported in early April that two Russian banks, Investtorgbank and M2M Private Bank, were interested in Finasta.
Zabolis told BNS on Friday that the reports about his intentions to buy Finasta were untrue.
Analysts earlier projected that Finasta Group could be sold for 26 million to 30 million litas, and Snoro Lizingas – for 10 to 15 million litas.
Vilnius Regional Court ruled on Wednesday that Snoras, which was nationalized last November, is bankrupt. The court’s decision is not expected to be challenged.
Snoras' creditors filed a total of 6.523 billion litas (EUR 1.89b) in undisputed claims. The Deposit Insurance Fund claims a total of 4.053 billion litas; however, the court has only approved 3.799 billion litas.
In mid-November, Snoras' liabilities exceeded its net assets by 2.756 billion litas and the bank was declared insolvent. On 16 November, Snoras' net assets were worth 4.416 billion litas, and its liabilities made up 7.172 billion litas.
