OREANDA-NEWS. October 11, 2011. The Board of Bank SNORAS decided to reduce the share of available shares in the managed secondary companies – “SNORAS Development” and “SNORAS Investment Management”, reported the press-centre of Bank SNORAS.   

The shares are bought by the fund “Regent Special Situations Fund” which is managed by the British company of financial services “Jubilee Financial Products”. Another fund managed by this British company invested in the emission of shares of Bank SNORAS whose nominal value was LTL 380 million. It is expected that the British company will attract more funds to finance new real estate projects to the companies.

According to the decision of Bank SNORAS Board, the managed part of the block of shares in the secondary company UAB “SNORAS Investment Management” is decreased to 49 per cent, while in UAB “SNORAS Development” it is decreased to 48 per cent. The investment fund “Regent Special Situations Fund” managed by “Jubilee Financial Products” invests in the shares of Bank SNORAS secondary companies. The total value of the transaction amounts to approximately LTL 0.5 million.

“Jubilee Financial Products”, which has previously acquired some new shares of the bank, is our chosen partner for real estate business development as well. The business does not stand still, it progresses. By means of this transaction we do not pursue a short-term and one-time benefit – we agree to share the profit with our partner in the future. We also hope that the fund of the British company will attract additional funds to finance new real estate projects to the companies that are being bought,” states Raimondas Baranauskas, Bank SNORAS President and the Chairman of the Board.

Adam Habib, the senior partner and the general director of the company “Jubilee Financial Products”, says: “We see good perspectives not only in the activity of Bank SNORAS, but also in the real estate projects. The fact that we are buying a part of the shares of the bank's secondary companies demonstrates that we consider Bank SNORAS to be a reliable partner. Currently real estate prices in Lithuania are low, therefore, we do not doubt that in the future real estate business has the potential for growth. Seeking to cooperate with the bank in the real estate projects executed by the bank, we anticipate return.”

Until now Bank SNORAS managed the controlling shareholding of 50 per cent of UAB “SNORAS Development” and 100 per cent of UAB “SNORAS Investment Management” authorized capital.