An agreement between Hansabankas of Lithuania and AS Hansa Capital that came into effect on 18 August 2003 transferred the ownership title of Hansa Capital's Lithuanian subsidiary UAB Hanza Lizingas to Hansabankas.
Hansabank Group decided to change Hansa Capital's structure because under the current banking regulatory restrictions, the structure began to hamper the funding and thus the development of leasing and factoring operations in the Baltics, Hansabank said in a press release.
The price of the transaction is based on the net asset value of Hanza Lizingas as of 1 August 2003.
A similar change in Latvia was made at the end of 2001, when Hansa Capital's Latvian subsidiary, SIA Hanza Lizings, was sold to Hansabanka.
Source: Baltic News Service
