OREANDA-NEWS. September 21, 2011. In order to pursue its growth plans investment bank Finasta increases its authorised capital by more than a third to LTL 38 million by additional contributions of the shareholder, reported the press-centre of SNORAS bank.

The capital base of Finasta bank will be strengthened by the issue of one million ordinary registered shares with the nominal share value of LTL 10. The decision was made by Finasta Holding, the sole shareholder of Finasta bank controlled by SNORAS bank. Currently, the amount of the authorised capital of Finasta is LTL 28 million.

“The monetary contribution of the major shareholder to the authorised capital of Finasta is the first step towards planning strong development and business growth as it will make the investment bank better equipped to implement investment projects more efficiently and rapidly. Besides, the Finasta group, which updated its brand at the beginning of this summer, has been operating beyond the local market for some time now,” said Raimondas Baranauskas, President and CEO of SNORAS bank, Deputy Chairman of the Supervisory Board of Finasta bank.

According to Andrius Barstys, Managing Director and CEO of Finasta bank, the confidence and support shown by the shareholder enables the bank to move forward in pursuit of its objectives: “In the next 2–3 years we aim to become an important investment and asset management player in Central and Eastern Europe.”

The increase of the authorised capital of Finasta bank to LTL 38 million will be registered with the Register of Legal Entities after the Bank of Lithuania gives its approval to strengthen the capital base.

Finasta Holding, which is controlled by SNORAS bank, owns a 100% stake in investment bank Finasta. During eight months of 2011, assets of Finasta bank, which provides both investment and traditional banking services to clients, rose by 85% to LTL 347.39 million, the credit portfolio more than tripled reaching LTL 137.57 million and the portfolio of financial instruments increased by 65% to LTL 156.25 million.