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AB Ukio Bankas, one of the major Lithuanian banks, had its activities suspended and was put under administration due to liquidity problems in February 2013. Subsequently, the State Deposit and Investment Insurance Fund reached an agreement with AB Siauliu Bankas, a Lithuanian bank with the EBRD among its major shareholders, for Siauliu Bankas to take over all of Ukio Bankas's state-insured deposits and the corresponding amount of assets, with a total value of approximately 780 million euros.
Ukio Bankas was granted a call-option right to buy back the assets transferred to Siauliu Bankas, including loans, real estate, and holdings in life insurance and financial leasing companies, with a right to sell-on such assets through structured auctions to the highest bidders.
TGS Baltic assisted Ukio Bankas in vendor’s due diligence of the option assets and worked on all matters related to the contemplated transaction, which was led by the investment banking firm Summa Advisors. The transaction generated substantial interest in the market, with a total of 18 indicative bids and 4 final bids submitted. The transaction was suspended in its final phases as bidders proposals did not meet the expectations of Ukio Bankas.
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