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Šiauliu Bankas reviews options
Posted on Tuesday, 13 August 2019 13:38
Šiauliu Bankas of Lithuania has hired Wood & Co and Superia Corporate Finance as financial advisors for a review of alternatives aimed at improving the growth of the business.

The evaluation could also identify an additional strategic direction or a transaction or series of deals that improves shareholder value.

Options may include a public offering of shares, acquiring complementary businesses or applying for a listing on a different stock exchange.

Šiauliu Bankas noted the review would also look into a sale of the bank to a strategic or financial investor, merging with a third party or any combination of the above.

The lender cautioned it has not set a definitive timetable for its evaluation and there can be no assurances the process will result in any transaction being announced or completed in the future.

Established in 1992, Šiauliu Bankas provides deposits and loans, carries out money transfers and documentary settlements, exchanges currencies and processes credit and debit cards, among other things.

The listed lender had 62 branches in 37 locations across Lithuania serving 326,000 customers, as at 30th June 2019.

Its largest shareholder with a 26.0 per cent stake is European Bank for Reconstruction and Development, followed by Invalda and Gintaras Kateiva with 5.5 per cent and 5.3 per cent, respectively.

As at 30th June 2019, the Šiauliu Bankas group had total assets of EUR 2.39 billion, total liabilities of EUR 2.11 billion and gross loans to customers of EUR 1.41 billion.

It booked net profit of EUR 27.82 million for the six months, compared to EUR 27.05 million in H1 2018.

Only two other deals by banks based in the Baltics have been announced in 2019 to date, according to Zephyr, the M&A database published by Bureau van Dijk.

Estonia’s LHV is carrying out a rights issue worth EUR 15.00 million while Grigory Guselnikov and his family members sold a 60.0 per cent stake in PNB Banka of Latvia to US and European Investors for an undisclosed sum.

© Zephus Ltd