Snoras chiefs after majority stake

  • 2006-08-02
  • From wire reports
VILNIUS - Two top executives of Snoras Bankas, one of the fastest growing financial institutions in the Baltics, have applied to acquire a majority stake in the bank, Lithuania's fourth largest.

Vladimir Antonov, chairman of the supervisory board, and Raimondas Baranauskas, chairman of its management board, have applied to the Bank of Lithuania for permission to acquire an over 50 percent stake in the bank.
According to information from the financial brokerage firm Jusu Tarpininkas, the central bank has been asked for permission to acquire and own 83.75 percent of shares in Snoras.

Antonov, who is also the chairman of the supervisory board of Russia's Konversbank, Snoras' largest single shareholder, said earlier that Conversgroup intended to increase its holding in the bank from the current 49.9 percent to 66.7 percent by the end of 2006.
As of last week the central bank's board had not yet given its permission to the applicants. Consideration of the application was postponed, with central bank officials saying they needed to study documents submitted.

Luxembourg-registered Conversgroup Holding Company is Snoras' single largest shareholder with a 49.9 percent stake. Baranauskas currently holds 10 percent of Snoras.
Snoras posted 40.7 million litas (11.7 million euros) in net profit for 2005, a threefold surge compared with 2004's result.