OREANDA-NEWS. February 12, 2014. The Finasta selling process has reached its final phase. Two buyers are actively seeking to acquire the financial group after submitting valid offers. For now, the Bank of Lithuania still has to give its final decision whether or not Borges Equity Partners would be allowed to buy the Finasta banking group.

Permission to acquire Finasta Group, already granted to LHV Group by the Bank of Lithuania, has been extended on the 30th of January and will be valid until the 30th of April.  

"We are looking for a deal that brings the greatest benefits to the bank's creditors, so we have resolved finally to decide about selling Finasta only once both potential buyers have obtained a decision from the Bank of Lithuania and have binding executable offers," Snoras bankruptcy administrator Neil Cooper said.

At this time, one of the potential buyers, LHV Group, has progressed further in the process and has already obtained permission from the Bank of Lithuania. The other buyer, Borges Equity Partners, is still waiting for the decision of the Bank of Lithuania, which should become known by the 18th of February.

While the decision of the Bank of Lithuania is pending, negotiations on the final structure of a transaction with Borges Equity Partners are being progressed. Both offers will also be subject to the approval of the Latvian regulator.