OREANDA-NEWS. Invalda LT, one of the major companies in Lithuania investing in other businesses and managing assets, 1 December acquired Finasta group companies in Lithuania thus enlarging the main asset management business. Invalda LT acquired 78.28% of the bank Finasta and financial brokerage company Finasta shares and 100% of Finasta Asset Management.

"We have a strategy to continue growing an asset management and investment businesses where we are active since 1991. We will expand a range of investment products offered to our clients and make them more attractive. Our priorities lie in areas where Finasta has historically been strong and has competitive advantages," - Darius Sulnis, the president of Invalda LT, said.

Robertas Cipkus, finance director of Finasta, will continue his work as an interim CEO of bank Finasta.

Invalda LT received notices from a few bank Finasta and financial brokerage company investors. They informed that they intend to use their option to sell their shares. These deals should be closed when the permissions of the Bank of Lithuania and Competition Council are obtained. After the above mentioned transactions Invalda LT will own 99.99% of bank Finasta and 100% of financial brokerage company Finasta.

As it was announced, a total of EUR 7 million will be paid for the Finasta group (the final price may be higher or lower depending on the changes in Finasta bank equity until the final closing of the deal).

The acquisition of Finasta Asset Management in Latvia is expected to close when the permission of Latvian Financial and Capital Market Commission is obtained.