TALLINN, Finland, Sept. 15, 2003 (PRIMEZONE) -- Hansabank's Lithuanian subsidiary AB Bankas Hansabankas (Other OTC:HNSBF) has today submitted a binding offer for acquiring 100% of the life insurance subsidiary of UAB Lietuvos Draudimas, UAB Lietuvos Draudimo Gyvybes Draudimas (LDGD). The offer is priced at LTL 63.5 million (EUR 18.4m).
LDGD holds 42% of the Lithuanian life insurance market. Collected premiums in the first half of 2003 amounted to LTL 42.2 million (EUR 12.2m).
According to Hansabank CEO Indrek Neivelt this acquisition is of strategic importance for the Group. "Buying the leading life insurance company in Lithuania supports our strategy of offering clients the full spectrum of financial services", said Indrek Neivelt.
Dalius Kaveckas, Deputy Chairman of the Board of Hansabankas, emphasized that LDGD has a very strong position on the market. "Lietuvos Draudimo Gyvybes Draudimas is the leading life insurer in Lithuania not only by market share, but also by the competence and professionalism of its employees", Dalius Kaveckas said.
1 EUR = 3.4528 LTL
Additional information: Priit Poldoja Head of Investment Management, Hansabank Tel. +372 613 3581 Dalius Kaveckas Head of Retail Banking, Hansabankas Tel. +370 5 2684351 Siim Mannik Corporate Communications and IR Tel. +372 613 3712