OREANDA-NEWS. May 26, 2010. The Public Limited Liability Company Bank SNORAS redeemed the Bank’s Eurobonds (isin-XS0301140512) issued in 2007, reported the press-centre of Bank SNORAS.

The whole redemption amount was transmitted by Bank SNORAS on 20 May 2010 to the bonds payment mediator – CITI Bank London, which is responsible for funds distribution to the bond holders. The money will reach the bond holders via the Lithuanian securities public turnover mediators within several business days.
 
“The distribution and redemption of these Eurobonds in the international market was much more successful than we had expected,” Raimondas Baranauskas, the president of AB Bank SNORAS, states. “In due time this deal helped to ensure the division of the sources of the attracted funds and opened up the possibility to invest in promising trends of activity, including the network development and modernization.”

During the last three years (as compared to the data of 01-05-2007 and 01-05-2010) since the distribution of the Eurobonds emission Bank SNORAS has significantly consolidated its position in the market: the bank’s assets grew 1.7 times (169.96 per cent) from LTL 4,110 billion to LTL 6,862 billion, the deposit portfolio grew 1.8 times (177.75 per cent) from LTL 2,993 billion to LTL 5,320 billion, the loan portfolio 2.5 times (245.76 per cent) from LTL 1,385 billion to LTL 3,158 billion. The number of the bank’s clients during that period grew from 906.1 thousand to 1 million 115 thousand.

The 175 million Eurobonds emission was issued by Bank SNORAS on 21 May 2007. A deal of this type and scope was the first not only in Lithuania, but also in all Baltic States. The redeemed emission at that time was managed by the investment bank Dresdner Kleinwort in London (the investment bank Dresdner Bank AG and a member of Allianz) which was appointed by AB Bank SNORAS.

The emission amount that was planned during the distribution was raised from EUR 100 million (LTL 345,28 million) to EUR 175 million (LTL 604,24 million) due to the large number of applications from the investors. According to Naglis Stancikas, the first vice president of Bank SNORAS, in regard to the bank, this deal was an especially successful and important step which has created history and a firm basis for further development and spectrum.

The nominal value of one Eurobond was EUR 1 thousand (LTL 3.45 thousand), the minimum investment amount was EUR 50 thousand (LTL 172.64 thousand).