Sorainen has advised Invalda INVL on the EUR 40.2 million merger agreement with Siauliu Bankas for the merger of both companies' retail businesses.
The transaction remains contingent on regulatory approval.
"After the closing of the transaction, the Siauliu Bankas group, in addition to the financial services it already offers, will manage second and third-pillar pension funds and mutual funds in Lithuania and will provide life insurance services throughout the Baltic countries," Sorainen informed. "Invalda INVL will obtain 9.39% of the share capital of Siauliu Bankas."
Invalda INVL is an investment management and life insurance group operating in the Baltic region. Siauliu Bankas is a Lithuanian bank.
"The merger of these retail businesses will deliver greater value for clients, employees, and investors," Invalda INVL President Darius Sulnis commented. "INVL’s existing clients will continue to receive professional saving, investment, and life insurance solutions as well as having additional access to the bank’s wider suite of services. The combined team’s shared aim is for the bank’s services to be the best choice available for customers. Employees, for their part, will have increased opportunities to develop and realize their potential. A bank that is actively growing, expanding its portfolio of services, maintaining high profitability, and is attentive to its share value should become even more attractive to institutional and private investors."
The Sorainen team included Partners Mantas Petkevicius, Tomas Kontautas, Saule Dagilyte, and Daivis Svirinas and Associates Mindaugas Dominykas Baniulis, Agne Sovaite, Aurelija Daubaraite, Edita Dauksiene, and Gerda Skirbutiene.
Sorainen did not respond to our inquiry on the matter.