OREANDA-NEWS. March 04, 2013. Siauliu Bankas, the temporary administrator of Ukio bankas and the State undertaking “Deposit and Investment Insurance” have signed an agreement on the transfer of Ukio bankas’assets, transactions, rights and liabilities to Siauliu bankas.
 
“The negotiations have been intense and challenging considering the complexity of issues on the table. The most important task now is to resume the provision of services to the former customers of Ukio Bankas. This will require considerable efforts and time which we are prepared to give”, said Audrius Ziugzda, CEO of Siauliu Bankas.

A.Ziugzda added that Siauliu Bankas owned by the European Bank for Reconstruction and Development (EBRD) and Lithuanian investors, was in a strong financial condition and capable of resuming business services for customers of Ukio bankas as well as maintaining its already high standard of service to its own long-standing clients.

"We believe that the achieved agreement will result in new and bigger possibilities of growth for our bank’s clientele, staff and shareholders while the entire banking system in Lithuania will become stronger and even more competitive”, said Algirdas Butkus, Chairman of the Board of Siauliu Bankas.

The European Bank for Reconstruction and Development (EBRD) the biggest shareholder of Siauliu bankas fully supports this deal. The EBRD informed that EBRD will provide the subordinated debt of 20 million of Euro seeking to strengthen the capital base of Siauliu bankas, to facilitate the process of take over of the banking activates of Ukio bankas and to stabilize the situation in the Lithuanian financial sector.

Sylvia Gansser-Potts, EBRD Director, Financial Institutions, emphasized that they welcomed this news and appreciate the swift resolution of a troubled Ukio Bankas. “This has ensured stability in the sector and we are pleased that EBRD will also be able to provide necessary financial support to strengthen Siauliu Bankas”, said she.

Information about the resumption of services for former clients of Ukio Bankas will be provided for clients and media in subsequent press releases. Also information will be provided on www.sb.lt, www.ub.lt, www.lb.lt and client service lines Siauliu Bankas ph. 8 700 55055 toll free line ph. 8 800 10 007 (calling from Lithuania) and ph. +370 37 395 532 (calling from abroad).

The agreement has been signed by ( from the left to the right): Deputy Director of the State Undertaking „Deposit and Investment Insurance“  Darius Cerka, Chairman of the Board of Siauliu bankas Algirdas Butkus, temporary administrator of Ukio bankas Adomas Audickas and Chief Executive Officer Audrius Ziugzda.