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Nitin Shelke, a businessman from the United Arab Emirates who heads the Growmore Group’s investment and financial services group, intends to acquire 100 percent of the shares in Medicinos Bankas. Currently 89.91 percent. Bank shares belong to Konstantin Karos, 9.87 percent. It is owned by the company Western Petroleum Ltd, 0.22 percent, the businessman Vytenis Rasutis. The transaction has not yet been approved by the Lithuanian market surveillance authorities. The value of the transaction is not announced by agreement of the parties.
“Medicinos Bankas has always stood out for its close relationship and flexible approach with clients, so it was important for us that the investor values similar values. I believe that the new owner, which operates in the most important financial centers in the world, will provide the bank with opportunities to grow in the long term, despite the difficult period the world is currently going through, “said Konstantin Karos.
Nitin Shelke points out that Medicinos Bankas, due to its specialization, has excellent opportunities for further development of services and market share.
“This acquisition is a strategic step for the Growmore Group to form a broad-based financial services business conglomerate currently operating in the United Arab Emirates, the United Kingdom, Switzerland, India and other countries. By providing financial services in the Lithuanian market Highly competitive and high potential, Medicinos Bankas has a solid capital base and has been growing steadily recently. We do not plan any radical changes in the bank’s strategy in the near future, but we hope to further increase the value of the services provided. to customers and strengthen the participation of digital banking services, “said N. Shelke.
He noted that the bank will continue to focus on small and medium-sized enterprises, agricultural sector financing and private banking services, using its 51 branches in Lithuania.
In the transaction, the seller was represented by financial advisers Deloitte and legal advisers TGS Baltic and the buyer by CE and Sorainen.
Last year, Medicinos Bankas earned $ 3.99 million. 64% of the audited net profit. more than 2018 (2.44 million euros). 2019 At the end of the year, the bank’s assets amounted to LTL 356 million. The bank’s loan portfolio increased by 20% during the year. up to 204 million euros The bank’s deposit portfolio grew 8% during the year. up to 301 million euros Capital adequacy ratio of Medicinos bankas in 2019. at the end of the year it amounted to 17.63 percent.
More information:
Vaidotas Vyšniauskas
FCum Publicum
Telephone: +370 61273474
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