"Many believe that this was Vladimir Romanov. But actually this was offshore companies. The latest investment in Žalgiris, the stadium also raised many questions about the value of the pledged assets. No doubt, Ūkio Bankas' shares will be worthless and not only the bank's large shareholders, but also its small shareholders will suffer because of that. This will force a large part of small shareholders to withdraw from the stock market altogether," Lietuvos Rytas quoted Vytautas Plunksnis as saying.
Plunksnis said that, hopefully, large companies listed on the NASDAQ OMX Vilnius stock exchange did not hold large amounts of money at the troubled bank.
Ūkio Bankas is a much smaller bank than Snoras was. The restriction of Ūkio Bankas operations, unlike the collapse of Snoras, will have no major repercussions abroad, because the bank does not have any major operations in foreign countries, he says.
"Another important factor is that Snoras was much more active in working with large customers from the public sector. Ūkio Bankas has fewer such customers," Verslo Žinios quoted Plunksnis as saying.
