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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • LITHUANIA

    Inhabitants - 3,535,547 (July 2011)

    Language - Lithuanian (official) 82%, Russian 8%, Polish 5.6%, other and unspecified 4.4%

    Currency - Lithuanian litas (LTL) fixed to the euro at 3,4528

    Religion - Roman Catholic 79%,  Russian Orthodox 4.1 %, Protestant (including Lutheran and Evangelical Christian Baptist) 1.9%, other or unspecified 5.5%, none 9.5%.

    Politics- Politics in Lithuania take place under the framework of a parliamentary, representative and democratic republic, wherein the Prime Minister of Lithuania is the head of government, and there is a multi-party system. Executive power is exercised by the government, which is headed by the Prime Minister. Legislative power is vested in both the government and the unicameralSeimas (Lithuanian Parliament). Judicial power is vested in judges appointed by the President of Lithuania and is independent of executive and legislature power.

  • Major industries - metal - cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber jewellery.

    Banks (2010) - 22 banks; 729 branches; 9,947 employees; assets – EUR 23,66 billion; loans – EUR 16,90 billion; deposits – EUR 13,16 billion.

    Banking regulations - The Bank of Lithuania is responsible for supervision of banks. Within the range of its competence, the Bank of Lithuania seeks to ensure the security, soundness, transparency and competitiveness of the domestic system of financial services.  The Bank of Lithuania issues licenses to financial market participants for the provision of financial services and supervises their activities. As a supervisory authority, the Bank of Lithuania monitors the compliance of financial market participants with laws and requirements set out in the legal acts of the Bank of Lithuania, International Financial Reporting Standards, requirements recommended by international organisations for safe and sound activities. The regulatory environment in the banking sector is set out in two major laws: the Law on Banks of Lithuania and the Law on Financial Institutions. The law is harmonised with relevant EU directives. The minimal capital  requirement for establishing a bank is EUR 5 million.