Hansabank, owner of the largest factors in the Baltic states, Hansa Leasing, yesterday strengthened their pan-Baltic network by signing a deal to buy Lithuania’s second largest bank, Lietuvos Taupomasis Bankas (LTB). LTB owns the Lithuanian factors LTB Lizingas.
The Lithuanian state property fund agreed to allow Hansabank to purchase 90.7% of LTB after guaranteeing that the sale would not create a Swedish monopoly in the area, as Hansabank’s majority shareholders are Swedbank.
In the event of a successful merger, SEB-Swedbank would be obliged to sell one of its Lithuanian assets.
Hansabank will pay 150m litas (US$37.5m) for the LTB shares with a commitment to invest a further 150m litas.
Source:FT
