On December 14, 2023, Walless announced the merger of the retail businesses of Invalda INVL and Siauliu Bankas (reported by CEE Legal Matters on November 29, 2022) had closed.
According to Walless, “the largest Lithuanian capital bank has seamlessly integrated its retail business with INVL, the leading investment management and life insurance group in the Baltics. With the completion of this merger, Siauliu Bankas has expanded its service portfolio to include pension and investment fund management, elevating its offerings to a new level. Moreover, the life insurance services of Siauliu Bankas will now encompass a broader scope and geography. Invalda has emerged from this deal with a significant 9.39% share capital in Siauliu Bankas.”
Walless advised Siauliu Bankas. As previously reported, Sorainen advised Invalda INVL on the EUR 40.2 million merger agreement.
Invalda INVL is an investment management and life insurance group operating in the Baltic region. Siauliu Bankas is a Lithuanian bank.
"The merger of these retail businesses will deliver greater value for clients, employees, and investors," Invalda INVL President Darius Sulnis commented. "INVL’s existing clients will continue to receive professional saving, investment, and life insurance solutions as well as having additional access to the bank’s wider suite of services. The combined team’s shared aim is for the bank’s services to be the best choice available for customers. Employees, for their part, will have increased opportunities to develop and realize their potential. A bank that is actively growing, expanding its portfolio of services, maintaining high profitability, and is attentive to its share value should become even more attractive to institutional and private investors."
The Walless team was led by Managing Partner Dovile Burgiene, Partner Laurynas Narvydas, and Associate Partner Arturas Grimaila and included over 20 of the firm's professionals.
