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Snoras Bank buys Latvia's Savings Bank

Sep 28, 2005
Staff and wire reports

RIGA - Lithuania's Snoras Bankas last week announced that it had purchased an 83.01 percent interest in Latvijas Krajbanka (Latvia's Savings Bank) in what has become one of the biggest Baltic banking deals in recent years. The bank reported to the Riga Stock Exchange that two shareholders sold at 2.99 euros per share, bringing the stake's approximate price to 22.6 million euros. Snoras executives told reporters that the new owner would increase Latvia's Savings Bank's capital and aim to develop ...

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