The transaction is subject to regulatory approval by the Bank of Lithuania and the Commission for Coordination of Protection of Objects of Importance to Ensuring National Security, the bank said.
Kontantinas Karosas currently owns 89.91% of Medicinas Bankas, followed by Western Petroleum with 9.87% and businessman Vytenis Rasutis with 0.22%.
“This acquisition is a strategic step taken by Growmore Group in the process of creating a business conglomerate offering a wide range of financial services and currently present in the UAE, the United Kingdom, Switzerland, India and other countries,” Shelke said.
According to him, Medicinos Bankas, which provides financial services in the competitive and high-potential Lithuanian market, has a solid capital base and has been growing at a stable pace of lately.
“We do not plan any radical changes to the bank’s strategy in the near future but we hope to further increase the value of its services to customers and to enhance the share of digital banking services,” Shelke added.
He noted that the bank would remain focused on the financing of small and middle-sized business and the agricultural sector as well as the provision of private banking services through its existing network of 51 branches across Lithuania.
Medicinos Bankas earned 3.99 mln euros in audited net profit last year, up 64% from 2.435 mln euros in 2018.
The bank's assets grew 8.6%to reach 356.371 mln euros in late December. Its loan portfolio expanded by 20% to 204 mln euros and the deposit portfolio increased by 8% to 301 mln euros.
