OREANDA-NEWS. April 19, 2010. Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States. Finasta Holding will also unify  the investment companies of Latvijas Krajbanka – the oldest bank operating in Latvia – which is also a company of Bank SNORAS group, reported the press-centre of Bank SNORAS.

After the completion of the transaction, Finasta Holding will manage all investment companies of Bank SNORAS group companies in Lithuania and Latvia, including AS IPS “LKB Krajfondi”, “LKB Asset Management”, AS “Pirmais atklatais pensiju fonds” and "Renesource Capital".

“By making this step, as it was planned, we ultimately merge and optimize the activities of all current investment banking companies managed by Bank SNORAS group. I am sure that the specialists of Finasta group, which is the oldest one in Lithuania and has accumulated over fifteen years of experience, will bring a lot of benefit to the participants of the Latvian funds,” says Zorzas Sarafanovicius, the deputy chairman of AB Bank SNORAS Board, the director of Retail Business Division.

Latvijas Krajbanka will continue providing services to the clients of the adopted investment and pension funds, and will distribute all funds which were managed until now. After the transaction, all agreements concluded with the clients and their conditions will still be valid. Finasta Holding will contribute to the companies’ activity by developing the investment strategies and increasing the product management efficiency while seeking to achieve the investment result increase for the clients of the funds.

Finasta group is one of the leaders of the investment banking and asset management in the Baltic region, for more than 15 years actively operating in the sphere of investments, asset management and company finances. Since 2005, Finasta Asset Management, the asset management company belonging to the group, which manages several investment and pension funds, has been operating in Riga, the capital city of Latvia. During the recent years, the II level pension funds managed by the company are distinguished for the attractive investment return, and this year they are the market leaders according to the investment return.

The companies AS IPS “LKB Krajfondi”, “LKB Asset Management”, AS “Pirmais atklatais pensiju fonds” in Latvia manage four II level, five III level pension funds, two investment funds and several dozens of private investment portfolios. The brokerage company Renesource Capital provides mediation services while trading financial instruments. The total size of the funds managed by these companies amounts to EUR 60 million. These companies provide services to approx. 80 thousand clients.

About „Finasta Holding“
Finasta Holding is a shareholder of the leading investment group „Finasta”. Established in 1993, Finasta group is the largest private banking and asset management group in the Baltic region. Group companies are: SC bank „Finasta“, brokerage company „Finasta“, SC „Finasta Corporate Finance“, JSC „Finasta Asset Management“ Lithuania, JSC „Finasta Asset Management“ Latvia, JSC „SNORAS Capital Markets Limited“ Russia. The shareholder of the holding is SC bank SNORAS group. Group’s capitalization of assets under custody is 1,56 m EUR (12% of the market), number of private banking clients – 14 000, assets under management – 65 m EUR.

About „Latvijas Krajbanka”
Latvijas Krajbanka is a universal network commercial bank offering qualitative full-range services to businesses and private individuals, residents and non-residents alike. Krajbanka has an extensive network of 115 client service centres, including 34 mini-banks, spread over the whole territory of Latvia. Together with its 194 ATMs the bank has one of the largest payment card infrastructures in the country. This provides clients with a convenient and quick access to banking services throughout Latvia.