INVL Asset Management UAB
Notification on material event

UAB INVL Asset Management intends to transfer the management of harmonized investment funds to the company of the Šiaulių bankas group

Vilnius, Lithuania, 2022-11-23 08:00 CET --  

On 22 November 2022 Šiaulių Bankas and Invalda INVL signed an agreement on the merger of part of the retail businesses. This transaction also includes the business of investment funds for non-professional investors currently carried out by UAB INVL Asset Management, including the management of INVL Baltic Fund (ISIN LTIF00000096) and INVL Emerging Europe Bond Subfund (ISIN LTIF00000468), employees, other rights and obligations related to this business. After the closing of the transaction the management of these funds (together with the rights and obligations arising from the contracts concluded with the investors) shall be transferred to the newly established asset management company of the Šiaulių bankas group. INVL Russia ex-Government Equity Subfund (ISIN LTIF00000435), which is currently being liquidated, is not included in the scope of the transaction.

After the closing of the transaction, the Šiaulių Bankas group, in addition to the financial services it already offers, will manage second-and third-pillar pension funds and mutual funds in Lithuania and will provide life insurance services throughout the Baltic countries. It is planned for the bank’s subsidiary SB Draudimas to take over INVL’s life insurance business in Lithuania, Latvia and Estonia, while the pension and mutual funds business in Lithuania will be carried out through a newly established company within the Šiaulių Bankas group. Once the deal is completed, Invalda INVL will obtain 62,270,383 units of Šiaulių Bankas shares, which will constitute 9.39 % of the authorized share capital of Šiaulių Bankas. After the completion of this and other announced planned share acquisitions, the Invalda INVL group’s equity stake in Šiaulių Bankas will increase from the current 8% holding to approximately 20%.

The transaction will be completed after it is approved by the shareholders meetings of Šiaulių Bankas and Invalda INVL respectively and after all the required regulatory permissions are obtained. It is expected that this will happen at the end of 2023.

More detailed information about the transaction is provided in the announcement of Invalda INVL and the announcement of Šiaulių bankas.

Person authorised to provide additional information:
Laura Križinauskienė
CEO of INVL Asset Management
E-mail laura.krizinauskiene@invl.com