We are assisting Nitin Shelke, the founder and chairman of Growmore Group, in entering into an agreement for the strategic acquisition of Medicinos Bankas – a retail bank in Lithuania with assets of USD 395 million (EUR 355 million).
Growmore Group is a global investment and financial services conglomerate with businesses across the UAE, UK, Switzerland, India and the Caribbean. The acquisition will mark the expansion of its banking sector investments into the European Union.
Bank operations will continue as normal
The operations of Medicinos Bankas, including its 51 branches in the country, will continue as normal, and with primary focus on lending for small and medium businesses, personal banking services and agricultural lending.
Nitin Shelke said: “This deal marks a strategic step in Growmore’s vision of evolving into a full-suite financial services conglomerate. Operating in a highly competitive and high-potential market, Medicinos Bankas is well capitalized and has reported continued growth over the years. Despite the challenging global environment, we continue to look at growth opportunities with the goal of creating a one-stop-shop for the banking needs of our clients while delivering long-term value to all our stakeholders.”
Our team and services
We assisted the client with due diligence of the target and advised them on all local aspects of the transaction, including the share purchase agreement and other transaction documents.
Our team assisting in the transaction:
- partner Mantas Petkevičius, senior associate Inga Macijauskaitė, associates Jurgita Tekorienė and Augustė Bučytė on M&A and corporate matters;
- partner Augustas Klezys, senior associate Agnė Sovaitė, associates Kamilė Kukaitytė and Goda Drąsutė on banking and finance matters;
- partner Saulė Dagilytė and senior associate Rasa Mikutienė on tax matters;
- associates Dobilė Minkutė on competition matters and Sidas Sokolovas on data protection matters.