Olympic Entertainment Group, the Baltics' largest casino operator, said it would begin developing hotel and entertainment complexes in and beyond the Baltic region. "Our present vision of operating in at least 10 Central and East European countries is within reach, and so we need more ambitious targets," Chairman Armin Karu told shareholders. He said the company would strive to become a global player in the casino and entertainment business.
Vicus, a Finnish investment company, and Lithuania's GB Projektai, said they would invest up to 170 million litas (49.3 million euros) into a new shopping center in Vilnius. Construction of the 40,000 square meter mall, Olinda, should start in the fall and be completed in 2010. The three-storey mall will accommodate about 100 stores, including an outlet of Finnish-owned Prisma, a grocer, which will occupy an area of some 11,000 square meters.
Changing Hansabank's name to Swedbank will require two years and cost some 10 million euros, Erkki Raasuke, CEO of Hansabank Group, said. He said that the change would not have any negative affect on clients, though the quality of banking services would improve. Contracts signed with clients under the Hansabank name would not have to be renewed. He said that after the name-change Hansabank would cease to exist. At present Hansabank's market share in Estonia is about 50 percent, while in Lithuania and Latvia it is 30 and 25 percent, respectively.
The share swap between TeliaSonera and the Latvian government could be finalized by the end of 2008, said Kenneth Karlberg, an executive of TeliaSonera, the Scandinavian company that owns large minority stakes in both Lattelecom and LMT. Economy Minister Kaspars Gerhards said that talks so far were successful and both parties have expressed their wish to finalize the deal. "The main issue of the TeliaSonera side is about ensuring clear, understandable access to Lattelecom's infrastructure," Gerhards said.
