Finasta was owned by now defunct Snoras bank. The Bank of Lithuania and Snoras' bankruptcy administrators have been in search of buyers for Finasta for quite some time now.
The Bank of Lithuania says in a press release that it has accepted the application and was starting to examine the documents submitted.
"A new player's entry into the market would increase competition, which would undoubtedly be beneficial to both users of financial services and the financial sector itself," Vitas Vasiliauskas, the central bank's governor, says in the press release.
This does not prevent other potential investors from seeking clearance from the central bank to acquire shares in Finasta, he says.
The Bank of Lithuania plans to complete its assessment of the proposed acquisition by July 26, but this can be extended by up to 20 working days if some additional documents and information is needed.
According to information available to BNS, EurEst Capital is owned by Viktor Sargava, an attorney-at-law with the Tallinn-registered law firm Laus & Partners.
The Eversus.lt news website reported last month that an Estonian investor, acting in concert with Alvydas Zabolis, the managing partner at the Lithuanian private equity and investment banking group Zabolis Partners, was seen as the most likely buyer of Finasta.
Reportedly, two investors from Estonia eyed Finasta, including a LHV Bank-related company and Estonia's financial asset management and investment banking company Redgate Capital. Sources told the website that Redgate Capital had failed to raise enough money for this acquisition and that the LHV Bank-related company had already reached a stage where it had to obtain clearance from the central bank.
