The Invalda INVL group and the Šiaulių Bankas group have signed a retail service business merger agreement.

In combining the know-how of Šiaulių Bankas and INVL, we aim to create a next-generation financial service provider. It is to be a dynamic, modern player in the market for banking services which, thanks to its professionalism, solutions tailored to the customer’s needs and the added value that creates, can compete with the foreign-owned banks that currently dominate the market. It would offer an even broader range of services from a single source, flexibility in adapting to customers’ needs, and unique financial solutions.

The combined team of professionals will actively develop retail banking: from bank accounts, deposits, loans, leasing, investment funds, and 2nd and 3rd pillar pension fund management in Lithuania, to life insurance services across the Baltic countries. That will stimulate market competition and ensure maximum advantage for customers, employees, and shareholders alike.

Šiaulių Bankas has been operating for 30 years now and is a stably and consistently growing financial partner with a special focus on business and consumer financing solutions and life insurance. Until now, it has not offered retail services in Latvia (Estonia).

The Šiaulių Bankas group includes subsidiaries that work in leasing (SB Lizingas), renovation (SB Modernizavimo Fondas), life insurance (SB Draudimas), and real estate (SB Turto Fondas). The shares of Šiaulių Bankas have traded publicly since 1994 and in late 2006 were included on the Main List of the Nasdaq Vilnius stock exchange.

Šiaulių Bankas is open-minded, flexible and builds strong ties with its customers. Its distinctiveness lies in being closer to the customer, paying great attention to human relationships. The bank has a deep understanding of its customers, with their needs and situations, and makes decisions locally.

The Invalda INVL group and the Šiaulių Bankas group have signed a retail service merger agreement which includes life insurance services. Completion of the transaction is planned in roughly a year, in late 2023. During this period, the provision of services will not change at all and there is nothing you need to do.

We will keep customers informed about the key phases of change and will abide by all legal and regulatory requirements to properly ensure customers’ rights.

More detailed information will be provided later both through public announcements and individually in the manner chosen by you.

INVL’s employees and their know-how are an integral part of the agreement on the merger of the retail businesses of Šiaulių Bankas and INVL. Without them the agreement could not take place. Thus, the exceptional experience and strategies of the top professionals who manage INVL’s life insurance investment directions will remain.

These changes are relevant for INVL customers with life insurance from INVL LIFE.

In regard to this transaction, you do not need to do anything. Once all the conditions are met and the deal is completed, your insurance company will change. No other contract terms will change due to the merger.

Insurance companies are required by law to make sufficient technical provisions to cover all their obligations under insurance contracts. When there is a change of insurance company, the rights and obligations under insurance contracts are transferred together with the assets for the technical provisions.

We will keep customers informed about the key phases of change and will abide by all legal and regulatory requirements to properly ensure customers’ rights. Further information will be provided both through public announcements and individually in the manner chosen by you.

Up until the moment of the businesses merge, which is expected in about a year, in late 2023, INVL LIFE will operate as usual. In regard to this transaction, there is nothing you need to do.

We will keep customers informed about the key phases of change and will abide by all legal and regulatory requirements to properly ensure customers’ rights. Further information will be provided both through public announcements and individually in the manner chosen by you.

Invalda INVL’s vision of creating well-being for people through its activities, thereby also contributing to the growth of the region where we operate, will not change after this transaction.

Following this merger of retail businesses and other planned share acquisitions that have been announced, Invalda INVL’s equity stake in Šiaulių Bankas will increase.

The Invalda INVL group will remain active in the management of private equity and alternative investments, provide Family Office services, and manage pension funds in Latvia.

Until the business merger is completed, which is planned in late 2023, UNVL LIFE will operate as usual. At this time nothing is changing, and you should pay premiums the way you have until now. More information will be provided both through public announcements and individually in the manner chosen by you.

The holder of a life insurance contract is not required to have money in an account at the same financial institution.

The exceptional experience and strategies of the top professionals who manage INVL’s life insurance investment directions will remain.

There is no change in the contacts for the INVL LIFE group or customer service. You can find service centre locations and contact details at www.invl.com. Our consultants will answer all your questions.