The Supervision Service of the Bank of Lithuania issued a respective permission on Wednesday, the central bank said in a press release.
Šiaulių Bankas reported about the loan agreement signed with the EBRD last Saturday. The bank then said that the loan would strengthen its capital base while taking over some assets and liabilities of Ūkio Bankas.
“We welcome this news and appreciate the swift resolution of a troubled bank. This has ensured stability in the sector and we are pleased that EBRD will also be able to provide necessary financial support to strengthen Šiaulių bank,” Sylvia Gansser-Potts, EBRD Director for Financial Institutions, said in a press release issued on Monday.
Seventeen shareholders, acting in concert, held a combined stake of 43.17 percent in Šiaulių Bankas at the end of 2012, including the EBRD with 19.57 percent.
