We represented Invalda INVL asset management group in signing an agreement with the European Bank for Reconstruction and Development (EBRD) to acquire part of its current stake in Šiaulių Bankas.

Tesonet technology group and ME Investicija, a holding company that owns Girteka Logistics, have also signed independent stake acquisition agreements with the EBRD.

The agreements foresee the EBRD selling 18.02% of Šiaulių Bankas’ shares to the three buyers in total (5.87% to Invalda INVL; 5.87% to Tesonet group (the party to the contract is Nord Security UAB, soon to be renamed Tesonet Global UAB); 6.29% to ME investicija) in a series of transactions, starting at the end of 2021, and ending in mid-2024, part of which may be subject to regulatory approvals. The buyers are acting separately as independent parties.

New investors will further strengthen bank’s market position

Darius Šulnis, CEO of Invalda INVL, commented: “We greatly value the contribution of the Founders, EBRD and the whole Šiaulių Bankas team to the bank‘s significant growth and achievements. As shareholders we support further steps toward maintaining and strengthening the bank’s team and strong market position through modern and client-oriented service offering.”

According to the Lithuanian Bank Association, Šiaulių Bankas is the fourth largest bank in Lithuania. As of the end of Q3 2021, it had total assets of EUR 3.7 billion, a total loan portfolio of EUR 2 billion (which represents an 8.5% share of the Lithuanian market) and shareholders’ equity of EUR 396 million. Historically focused on lending to small and medium-sized (SME) businesses in Lithuania, the bank’s SME portfolio accounts for around 58% of its loans. The company’s shares are listed on the Nasdaq Baltic exchange.

Companies from Invalda INVL group, which operate in Lithuania and Latvia, serve over 250,000 individual and institutional clients from the region and further afield. Those clients have entrusted the Invalda INVL group with the management of EUR 1.5 billion in assets in a variety of asset classes, including pension and mutual funds, individual portfolios, private equity and other alternative investments. The Shares in Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995.

Our services and project team

We advised Invalda INVL on all transaction-related matters. Our team, led by partner Mantas Petkevičius, consisted of partner Tomas Kontautas and senior associates Vitalija Impolevičienė and Agnė Sovaitė.