Lithuania’s Snoras Reports August Sales of Finasta, Leasing Unit

Lithuania’s bankrupt Bankas Snoras AB said it agreed last year to sell two subsidiaries to an unnamed buyer.

The deal to sell the Finasta Group, which controls an investment bank, and Snoras’s leasing unit was signed Aug. 24, Snoras said today in a report to creditors posted on its website. Giedrius Simonavicius, a spokesman for the central bank, said today by e-mail that the buyer hasn’t yet sought the necessary regulatory approval.

Snoras, once Lithuania’s third-biggest bank by deposits, was declared bankrupt and taken over by the central bank in November 2011 after assets were discovered missing from its balance sheet. Completing the sale of Snoro Lizingas UAB and seven companies in the Finasta Group is among the bankruptcy administrator’s top priorities, Snoras said.

Omada Capital, a London-based investment fund with interests in financial services, said in September that it had submitted a bid for the Snoras units.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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