Invalda INVL group completes the third (final) tranche of acquisition of Šiaulių bankas shares from the EBRD

    Invalda INVL group completes the third (final) tranche of acquisition of Šiaulių bankas shares from the EBRD

31 May 2024 Invalda INVL acquired a further 11,733,728 units (1.77%) of the shares of Šiaulių bankas from the European Bank for Reconstruction and Development (EBRD). Value of the transaction is EUR 7 million. After this transaction the Invalda INVL group’s stake in Šiaulių Bankas grew to 19.93%. This was the third and final acquisition tranche under the Share Purchase-Sale Agreement signed with the EBRD on 22 December 2021. The parties then agreed that Invalda INVL will directly and/or indirectly acquire from EBRD 35,240,296 shares of Šiaulių bankas by 31 May 2024 at the latest. The parties have agreed that the initial price for Šiaulių bankas shares shall be EUR 0.633 per share and it will be recalculated during every payment considering dividends paid or other changes in capital by Šiaulių bankas, as well as 5% annual interest calculated from the date of signing the agreement.

This announcement of the third acquisition tranche is published in the category “Notification on material event” in order to maintain consistency in regulatory disclosures. The first notice on the concluded contract with the EBRD is published here and the second one is published here.

Additional information:

Invalda INVL, the leading Baltic asset management group, the business accelerator Tesonet, and Willgrow (the holding company of Girteka Logistics) have finalized the acquisition of 16.33% stake in Šiaulių Bankas shares from the European Bank for Reconstruction and Development (EBRD), successfully fulfilling agreements they each independently signed in December 2021.

The stakes were acquired in three stages between the end of 2021 and the middle of 2024, with each party respectively acquiring 5.32%, 5.32%, and 5.70% of Šiaulių Bankas shares. After the partial sale, EBRD currently holds a 7.25% stake in Šiaulių Bankas, the largest shareholder Invalda INVL – 19.93%, Willgrow – 8.97% and Tesonet – 5.32%.

The net profit of the Šiaulių Bankas Group grew by 12% in 2023, reaching EUR 75.4 million. In March the bank’s general meeting of shareholders approved a record-high sum of EUR 32 million to be paid out in dividends.

EBRD became a Šiaulių Bankas shareholder in 2005 when it acquired a 16% stake and significantly supported its further development. EBRD demonstrated its continued faith in the success of Šiaulių Bankas, eventually increasing its total stake to 26.02% in 2018.

"We are pleased to see the growing involvement of local shareholders and recognize the value of their diverse backgrounds and their commitment to creating value for all stakeholders of Šiaulių Bankas. The bank has been a long-standing client of the EBRD, and with the remaining stake of 7.25%, we continue to be closely engaged in supporting its next stage of development," states Melis Ekmen Tabojer, EBRD’s FI Director.

"Being open to investors, having supportive shareholders, and taking a proactive approach are some of the major strengths of Šiaulių Bankas, allowing rapid growth and development. I am delighted that both the EBRD and the bank's founders, Algirdas Butkus and Arvydas Salda, retain significant stakes in the bank, and that they have been joined by leading companies in the Baltic region and a growing number of other institutional and private investors,” said Darius Šulnis, the CEO of Invalda INVL.

Tomas Krakauskas, Chief Investment Officer at Willgrow, added: "As long-term shareholders of the company, we have seen first-hand the positive transformation of the bank: growing market share, increasing shareholder payouts, and efforts to attract new investors. We are pleased that the completion of this transaction coincides with the new strategy announced earlier this year and the completion of the strategic move to acquire a retail asset management business, completed just last year. We believe that all this will allow the bank to maintain its ambitious growth momentum and generate returns for investors in the future."

"It is an inspiring privilege for us, alongside other market leaders, to be able to contribute to the growth of the largest bank built with Lithuanian capital. The results clearly show that Šiaulių Bankas is on a good path and has a clear vision for the future. Our mission is to help Šiaulių Bankas become a fintech leader and, with the help of innovative technologies, an everyday companion for its customers. We are working on technological solutions and progress every day, and we will pay even more attention to them in the future," claimed Tomas Okmanas, the co-founder of Tesonet.

Person authorised to provide additional information:
Darius Šulnis
CEO of Invalda INVL
E-mail [e-mail]