Clearance Obtained from the Competition Council of the Republic of Lithuania
On 1 February 2023, the Competition Council of the Republic of Lithuania granted the authorisation to carry out the concentration by Šiaulių Bankas indirectly, through the newly established company, acquiring the retail investment fund management and pension fund management businesses, conducted in Lithuania by „Invalda INVL“ and indirectly, through life insurance UAB „SB draudimas“, by acquiring the life insurance business of „INVL Life“ and thus acquiring sole control over these businesses, as well as acquiring the assets managed by UAB FMĮ "INVL Financial Advisors", which are necessary for the execution and administration of the business to be acquired.
As announced in the on 22 November 2022, Šiaulių Bankas and Invalda INVL signed an agreement to merge segments of their retail businesses, stating that transaction is expected to be completed within one year, subject to the necessary approvals from the supervisory authorities, the adoption of the necessary resolutions by the extraordinary shareholders' meetings of Šiaulių Bankas and Invalda INVL, and the fulfilment of the other conditions set out in the agreement. The clearance of the Competition Council was one of the preconditions for the completion of the transaction.
Additional information:
Tomas Varenbergas
Head of Treasury & Markets
, 0
