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The Creditor’s Committee set the minimum selling price and the sale method of the Finasta Banking Group, and authorized the Snoras Bank bankruptcy administrator to complete negotiations with the investor which had submitted the best offer, namely the consortium led by investment company Invalda LT. Nevertheless, the acquisition is still to be approved by the Competition Council.
Finasta
Finasta
© DELFI / Kiril Čachovskij

“We have carefully evaluated the final offers from two potential candidates. Invalda LT‘s bid was the best. We are pleased that the terms of the tender and the competitive sale process between the potential buyers made it possible to agree the sale of the Finasta banking group on the most beneficial conditions possible for the creditors of Snoras bank”, said Neil Cooper, Snoras bankruptcy administrator.

The Bank of Lithuania had granted the permission to acquire Finasta banking group to three potential candidates, namely Norwegian enterprise Netfonds Holding, Lithuanian investment group Invalda LT and Lithuanian-Estonian joint venture Mokilizingas.

The Finasta Banking Group consists of the Finasta bank, the Finasta Asset Management companies which operate in Lithuania and Latvia, and the Finasta financial brokerage company.

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