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Jul 29, 1999

VILNIAUS, HERMIS BANKS' MERGER UNDERWAY: The Bank of Lithuania has received Vilniaus Bankas' application for acquiring shares in Hermis Bankas. A central bank spokesman said Vilniaus Bankas asked for permission to buy two-thirds of Hermis' share capital. Both banks announced they had completed negotiations on a merger. The plan is for Hermis shareholders either to sell their stakes to Vilniaus Bankas or to trade them in for shares in the new bank resulting from the merger. The report states that ...

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