OREANDA-NEWS. On July 25, 2008 Ukio bankas sold the shares and the rights of claim of its three subsidiaries, UAB Turto valdymo strategija, UAB Turto valdymo sprendimai and UAB Turto valdymo sistemos, which financed and managed the investment project of real estate in Moscow via OAO Russkij Karavaj, for LTL 282,8 million, reported the press-centre of Ukio bankas.

The profit obtained by the Bank from the transaction of subsidiaries sales amounts to LTL 27 million. The funds will be used to strengthen the reserves of liquidity and to develop lending activities in Lithuania.

“We are happy to have successfully completed a real estate project not directly relating to the main activities of the Bank. Profit obtained from this transaction met the Bank's expectations. We have sold the subsidiaries that managed the investment project in Moscow not at the most favourable time for the real estate market but our decision was governed by the Bank’s main strategic activity areas, i. e. the development of retail and commercial banking,” Edita Karpaviciene, chairwoman of Ukio bankas Board, said.

After selling the mentioned subsidiaries, Ukio bankas Group consists of Ukio bankas and 100 percent controlled subsidiaries UAB Ukio banko investiciju valdymas, UAB Ukio banko rizikos kapitalo valdymas, GD UAB Bonum Publicum, and UAB Ukio banko lizingas, a company which owns a 100 percent interest in RAB Ukio bank lizing (Ukraine).