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Nord/LB Lietuva increasing capital

  • 2003-12-11
  • Baltic Business News
VILNIUS - The bank Nord/LB Lietuva will increase its share capital from 176.6 million litas (50 million euros) to 195.1 million litas after shareholders approved the decision Dec. 8. The bank's current shareholders will buy out the 195,067 new ordinary shares with a face value of 95 litas each.

In the first nine months this year, Nord/LB Lietuva reported an unaudited net profit of 15.3 million litas, compared with a loss of 8.6 million litas over the same period last year. The bank has stated that it made it into the black while implementing its restructuring program, which is due to be completed by year-end.
The international ratings agency Fitch increased the long-term borrowing rating prospects for NORD/LB Lietuva from stable to positive last month.