OREANDA-NEWS. November 12, 2013. The Snoras bankruptcy administrator is actively continuing to negotiate the specific terms of acquisition with LHV Group, a financial group from Estonia, which was authorised by the Bank of Lithuania on 29 October to acquire Finasta bank as well as its subsidiaries Finasta Asset Management and financial brokerage company Finasta. Several other potential investors have also shown interest in the financial services provider controlled by the bankrupt Snoras bank, and they are in a process of preliminary negotiations with the administrator.

Neil Cooper, Snoras bankruptcy administrator, has confirmed that several potential buyers of Finasta plan to submit formal applications to the Bank of Lithuania soon to ask for authorisation to acquire Finasta bank and its subsidiaries.

“The sale of Finasta Group is a complex process involving more than just Finasta bank and it will take us a number of months before we close this transaction”, says N. Cooper. “Still, things are moving in the right direction and the decision of the Bank of Lithuania is yet another step forward bringing us closer to the end of the complex sale process”.

According to the Snoras bankruptcy administrator, Finasta Group has been prepared for sale. During the administration period, the Group’s financial indicators improved: assets of Finasta grew by 43% to LTL 414 million at the end of the first half of this year from LTL 289 million in December 2011. Throughout the administration period, continuous efforts were made to cut operating costs and make changes within the bank to achieve in a higher revenue figure.