AS HANSAPANK

ANNOUNCEMENT

 

LITHUANIAN STATE PROPERTY FUND (SPF) ACCEPTED HANSABANK'S OFFER

 

After reviewing Hansabank's renewed bid, the SPF has made a 

decision to start negotiations with Hansabank for the privatisation 

of Lietuvos Taupomasis Bankas (LTB).

 

"Acquisition of the Lithuanian Savings Bank is one of the 

milestones in our 10-year history. Currently we are the market 

leader in Estonia and the fastest growing bank in Latvia. 

Lithuania, the largest of the three Baltic countries, has 

considerable potential and the development possibilities in the 

banking sector are significant. We are striving to significantly 

reinforce our market position with the acquisition of LTB", said 

Indrek Neivelt, Chairman of the Board of Hansabank.

 

According to Indrek Neivelt Hansabank hopes to be a sound owner for 

LTB. "The management of Lietuvos Taupomasis Bankas has indicated 

that they expect the new owner to focus on IT and technological 

development. Hansabank is known for its innovation and 

technological capabilities. We have a strong strategic investor and 

have gained good experience through our operations on the Estonian 

and Latvian markets", said Neivelt. 

 

Indrek Neivelt pointed out that over the last six months LTB's 

current management has taken serious steps towards transforming the 

bank into a modern financial institution. "I am confident that 

together we can develop LTB into a leading universal bank in 

Lithuania. Our goal is to start the negotiations with the 

Lithuanian State Property Fund as soon as possible to reach an 

agreement and start working with LTB as a team. 

 

The bank will not comment the content of the offer accepted by the 

State Property Fund until the completion of the privatisation 

process.

 

Hansabank Group's Lithuanian banking subsidiary Hansabankas started 

offering banking services on the Lithuanian market in summer 1999. 

As of October 2000, Hansabankas has 4 branches and 12,000 clients, 

1,800 of which use Internet bank hanza.net. Hansabankas has a 2% 

market share in loans and deposits.

 

Mart Toevere

Analyst

Tel. +372 6131 569