OREANDA-NEWS. November 06, 2009. AB Bank SNORAS decided to decline membership in NASDAQ OMX Baltic stock exchanges since 1st December this year. AB Bank SNORAS will assign mediation, while trading with securities in AB NASDAQ OMX Baltic stock exchanges in Vilnius, Riga and Tallinn, to AB Bank “Finasta” managed by the bank’s group. This decision is the first part of the process whereby it is endeavoured to optimize the activity spheres of the banks belonging to AB Bank SNORAS group, reported the press-centre of Bank SNORAS.

“This decision is a consistent and logical step of SNORAS group seeking not to duplicate the same services in the banks belonging to the group as well as desiring to avoid the conflict of interests in the companies of the group and extra expenses. The aforementioned date for declining Bank SNORAS membership in the stock exchange was chosen by considering implementation of the new trade system INET Nordic,” says Naglis Stancikas, the First Vice President of Bank SNORAS.

While expanding the activity of investment and private banking, on 16th September 2009 AB Bank SNORAS group for LTL 45.75 million with its own funds acquired the financial group “Finasta” to which also belongs the investment bank “Finasta”. It is namely to this bank the mediation operations performed by Bank SNORAS, while trading with securities, are planned to be transferred.