Latvijas Krājbanka                                             21.09.2005



The Commercial Bank Snoras Becomes the Owner of Latvijas Krājbanka



Krājbanka to be Incorporated in Snoras Strategy to Create a Financial Services 

Network of the Baltic Scale 



21.09.2005. The controlling interest of the JSC Latvijas Krājbanka has 

been acquired by one of the biggest Lithuanian commercial banks Snoras. 

As a result of the transaction Snoras now owns 83% of Latvijas Krājbanka’s 

shares. 



With this acquisition the bank Snoras, who is part of the international 

finance group Convers Group is continuing with its strategy of creating a

 Baltic financial services network. The new owner of Krājbanka has prioritized 

the increase of the banks capital as one of its first tasks, in order to ensure 

fast further development of the bank. Crediting, card products, remote banking 

products based on the Internet and mobile technologies, asset management 

services and consumer leasing will be developed. The name of Latvijas Krājbanka 

will be retained after the change of the owners, the bank will continue to be 

quoted on Riga Stock Exchange, and the present bank management will continue 

working.



“We are satisfied with this transaction. The operational results of Krājbanka 

show that the bank is acting successfully in the Latvian market, and we will 

continue with developing Latvijas Krājbanka as a universal financial institution 

for customers in Latvia by intensifying its development, improving the quality 

of customer service, as well as maintaining Krājbanka as a bank with flawless 

reputation. Moreover, we have now a common slogan with Snoras – “My nearest bank”. 

We are grateful that the Financial and Capital Market Commission was quick with 

granting its approval for Krājbanka’s acquisition,” thus the transaction is 

commented on by the President of Snoras, Raimondas Baranauskas.

	

“This transaction means further growth and development of Latvijas Krājbanka. It 

is not a secret that the bank’s complicated shareholder structure did not facilitate 

fast decision-taking. I am truly happy to learn that one of the first steps will be 

nothing else than increase of Krājbanka’s share capital.” thus further development 

is seen by the President of Latvijas Krājbanka, Andris Nātriņš



During the next ten days the share purchase offer will be made to the bank’s 

minority shareholders, providing a possibility to sell their shares to the new 

shareholders of Latvijas Krājbanka. “The offer will be a comfortable one, but I 

would still like to remind every shareholder the recent history when Convers Group 

acquired Snoras shares, whose value increased by 22 times within a very short period,” 

comments Raimondas Baranauskas.



About Latvijas Krājbanka



Latvijas Krājbanka is a universal network bank providing quality services based on 

modern technologies to companies and private individuals in Latvia. Krājbanka has 

one of the most extensive customer service center networks in the country, which 

allows easy and fast customer servicing in all of Latvia’s cities and regions. 

Krājbanka is the first commercial bank in Latvia to obtain the quality management 

certificate ISO 9001:2000 in the middle of 2003, which serves as an international 

approval of the quality of the bank’s work. Last year Krājbanka worked with audited 

profits of 1.302 million lats, which is by 15% more than for the year before last 

year. The first half of this year was, in its turn, closed with the profit of 

1.223 million lats, which considerably exceed the profit plan for the first six 

months of this year. 



About  Snoras



According to its capital, Snoras bank is the third biggest bank in Lithuania, but 

according to the volume of assets it is the fourth biggest in Lithuania. It is 

currently managing more than 200 payment points or minibanks, 10 branches, about 

300 ATMs over the whole territory of Lithuania. The bank’s services are used by every 

third inhabitant of Lithuania. Snoras has five subsidiaries, one of which – Snoro 

Lizingas – controls more than 50% of Lithuania’s consumer leasing market. 



Snoras is part of the international banking group Convers Financial Group, also 

containing Russian commercial banks Conversbank, Conversbank Moscow and the bank 

Enisey. On 1 September 2005 Convers Group capital exceeded 200 million USA dollars, 

the consolidated assets of the group account for about 1.7 billion USA dollars. 

The group’s auditor is Ernst & Young.