Invalda INVL, the leading asset management group in the Baltics, which manages INVL Life, a life insurance company operating in Latvia (Estonia), and Šiaulių bankas, a Lithuanian-owned company, have successfully completed the merger of their retail businesses.
As of 1 December, the life insurance contracts of INVL Life, which operates in the Baltics, will be taken over by SB draudimas, a company belonging to the Šiaulių Bankas group, in Latvia and Estonia.
“SB draudimas will ensure that all customer contracts concluded with INVL Life will continue to be executed responsibly and that life insurance customers will be served with quality and convenience. SB draudimas will be headed by Rasa Kasperavičiūtė, who was previously the Director of INVL Life, from 1 December.
“The value of the merger of the retail businesses of Invalda INVL and Šiaulių bankas, which closed today, 30 November, is EUR 41.8 million. Following the merger, Šiaulių Bankas Group will not only expand its life insurance business in the Baltics, but will also become the manager of II Pillar and III Pillar pension funds and retail investment funds in Lithuania.
In total, the transaction involves over 210,000 clients and over EUR 1.2 billion of client assets under management in the Baltic States, including over 6,000 clients and over EUR 34 million of assets in Estonia.
Following this transaction, the funds entrusted to clients for management and assets under custody in Šiaulių bankas Group will increase by a quarter and exceed EUR 6 billion. “Invalda INVL will become the largest shareholder of Šiaulių bankas. Šiaulių bankas has about 20,000 shareholders, including more than half of investors from Latvia and Estonia.
“Invalda INVL has long been among the major shareholders of Šiaulių bankas and the merger further demonstrates its confidence in our prospects. We will become even more competitive and we are determined to grow faster than the market in the three most important areas – private, corporate and investing clients”, says Vytautas Sinius, Chief Executive Officer of Šiaulių bankas.
“This transaction is another purposeful step forward for Šiaulių Bankas, providing more and better choices for customers and opening new opportunities for the Bank’s consistent development and growth. We are increasing our stake in a bank that has been steadily earning high returns and should become even more attractive to institutional and private investors,” said Darius Šulnis, CEO of Invalda INVL.
“Invalda INVL Group will continue to be active in private equity and other alternative investments and will provide Family Office services in the Baltic States.
About Šiaulių bankas
Established in 1992, AB Šiaulių bankas is the largest bank with Lithuanian capital, a stable and consistently growing financial partner, historically focusing on the financing needs of private clients, financing of corporate clients and solutions for investors. The Bank’s shares are listed on the Baltic Official List of the Nasdaq Vilnius Stock Exchange.
About Invalda INVL
“Invalda INVL is a leading asset management group in the Baltics, operating for more than 30 years. Open, growing and creating wealth for people. Our group’s assets under management of more than EUR 1 billion include investments in private equity, forest and agricultural land, renewable energy, real estate and private debt. The Group’s activities also include family office services in Lithuania, Latvia and Estonia, pension fund management in Latvia and investments in global third country funds. “Invalda INVL shares have been traded on the Nasdaq Vilnius Stock Exchange since 1995.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
