OREANDA-NEWS. May 12, 2012. The Bankruptcy Administrator and his team confirm that LTL 13.2 million of securities held by BAB Bankas SNORAS on behalf of its clients have been transferred to other financial institutions, reported the press-centre of BAB Bankas Snoras.   

The LTL 13.2 million is comprised of 340 individual transfers on behalf of about 200 clients in 12 countries. Over 86% of all transfers have now been successfully completed with the remaining clients being contacted to begin the process of transferring their securities to a new custodian.

Commenting on the transfer of the securities held on behalf of clients, Neil Cooper, Bankruptcy Administrator said:
“These securities belong to the clients and not the Bankruptcy estate. We are returning them to the client or transferring them to other institutions who will act as custodians of these assets on behalf of the client. BAB Bankas SNORAS can no longer act as custodian or maintain custodian accounts”.

“I encourage clients who still have custodian accounts to start the transfer process as soon as possible. Bank staff are available to advise any remaining clients at open branches or via the call centre and will endeavour to get the assets transferred to a new custodian account as quickly as possible.”

Transfer process for clients with custodian accounts at BAB Bankas SNORAS

BAB Bankas SNORAS staff continue to advise the remaining clients with securities still held on their behalf in custodian accounts.

These clients must name a new financial institution and request that their assets are transferred to this new custodian. The named financial institution must be registered to act as a custodian of securities.

Once the client’s entitlement to the assets has been confirmed, BAB Bankas SNORAS staff will undertake the necessary procedures to transfer the assets to the new custodian.

BAB Banks SNORAS branches that remain open to assist clients with custodian accounts.