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In May last year, it was announced that Nitinas Shelke, a businessman from the United Arab Emirates, who manages the financial and investment services group Growmore Group, intends to acquire 100 percent of the shares of Medicinos Bankas, a Lithuanian capital.
The transaction had to be approved by the Lithuanian market surveillance authorities.
It is true that the reasons why K. Karos ended the sale of Medicinos Bankas are not specified.
“I’m not saying no to the bank sale”
Furthermore, the European Central Bank (ECB) has decided not to oppose the acquisition of voting rights in Medicinos Bankas shares by K. Karos and his company Western Petroleum Limited.
According to the ECB’s decision, all voting rights attached to the shares were transferred to 100% of K. Karos. controlled by UAB MB Valdymas. Currently, K. Karos owns 90.13%. Western Petroleum Limited owns 9.87% of the bank’s shares. This is reported in a press release.
“The ECB’s decision will allow us to specify the condition of shareholder of Medicinos Bankas and to exercise shareholder rights without restrictions. One stage is over, it’s time to open a blank slate and continue building long-term bank value. I am not saying ‘no’ to the bank sale, but there is no need to rush at this point, it is a strategic decision that requires time to prepare well, “said Konstantin Karos.
According to him, recent events will not affect the bank’s operations or its further strategy: Medicinos Bankas will continue to focus on small and medium-sized enterprises, agricultural sector financing and private banking services, using its largest branch network in Lithuania.
In 2020, Medicinos Bankas earned 3.6 million and the group 3.8 million. profit in euros. 2020 At the end of the year, the bank’s assets amounted to LTL 389.5 million. euros. Medicinos Bankas’ deposit portfolio increased 10% in 2020 to 343 million, while the loan portfolio decreased by 3.9 million. 200 million euros. euros. The bank’s capital adequacy ratio in 2020 at the end of the year amounted to 19.81 percent.
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