The Bank of Lithuania has said on Tuesday that it has accepted LHV Group's application for permission to purchase Finasta and its subsidiaries and is now starting to examine the documents submitted. The central bank expects to complete its assessment by December 18 or by January 21 at the latest, depending on whether it needs additional documents, according to the press release.
RAZFin, a Lithuanian company founded by the Rakauskas family and Alvydas Zabolis, which in early August purchased Snoro Lizingas jointly with the bank LHV, is likely to participate in the acquisition of Finasta as well. However, Zabolis says that there are still many uncertainties.
"The application was filed by the Estonian bank. They will seek to acquire Finasta. We, that is, RAZFin, cooperate with them and will help them. We have an agreement with the Estonians. We cooperate with them in developing investments in the Lithuanian financial sector, but whether we will participate in this acquisition will depend on the central bank, on LHV's position and on negotiations with Snoras' bankruptcy administrator," he told BNS.
The central bank said that the fact that it is assessing LHV's application does not prevent other potential investors from seeking clearance to acquire Finasta.
LHV Group is asking for the go-ahead to buy the bank Finasta, the financial brokerage company Finasta and the asset management company Finasta Asset Management.
Snoras' bankruptcy administrator Neil Cooper expects to sell Finasta by the end of this week. He said last week that a potential buyer would apply to the central bank for clearance in the near future.
Cooper said that he had managed to improve the Finasta Group's performance results since his appointment. Finasta's assets increased to 414 million litas (EUR 120m) on June 30, 2013, from 289 million litas in December 2011, and its operating expenses were on the decline, according to the report.
A consortium of LHV and RAZFin in early August purchased Snoro Lizingas for a total of 74 million litas (EUR 21.45m), of which 7 million litas was paid for shares.
The central bank in July did not give the green light for Estonia's EurEst Capital to buy Finasta.
