Invalda INVL, Tesonet Global and Willgrow acquired shares in Šiaulių Bankas
On 22nd December 2021 the European Bank for Reconstruction and Development (EBRD) announced that it agreed to sell an 18% stake in Šiaulių Bankas to a group of private investors. The EBRD has signed separate agreements with Invalda INVL, an asset management group, Tesonet Global (part of the Tesonet group of companies), and Willgrow, a holding company that owns Girteka Logistics, to sell stakes of 5.87%, 5.87% and 6.29% in the Bank respectively. The process of acquiring shares from EBRD is carried out through a series of transactions that will last until June 2024.
On 31 May 2023 the second series of transactions was completed. With this, the shareholding held by Invalda INVL grew to 9.99%, Willgrow to 7.81%, and Tesonet Global - 3.91%. EBRD’s shareholding decreased to 14.00%.
"We are proud to see growing local investor base with the Lithuanian companies increasing their shareholding in Šiaulių Bankas. There is still a year left to complete the share acquisition processes, and to this day, out of 18% of the shares sold by the EBRD, settlement of transactions for 12% have already taken place," said Vytautas Sinius, CEO of Šiaulių Bankas.
Melis Ekmen Tabojer, Director of the EBRD’s EU Banks and Structured Finance Department, said: “EBRD will continue to actively engage and support Šiaulių Bankas on its path of sustainable growth as part of the EBRD’s long-term strategy in the Baltic region. We are happy to see many positive changes in the corporate governance of Šiaulių Bankas over the past years, as well as continued strong operational performance. This demonstrates Bank’s resilience, robustness of its strategy and ability to withstand headwinds.”
Considering the transaction, concluded between Šiaulių Bankas and Invalda INVL on 22nd November 2022, by which 9.39% of the Bank's shares shall be transferred, after closing the transaction Invalda INVL’s stake in the Bank shall rise to approximately 20%.
The EBRD made its first equity investment in Šiaulių Bankas in 2005. It has since been supporting the Bank across a range of financing products and solutions
Additional information:
Tomas Varenbergas
Director of Treasury & Markets
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