UAE – Mubasher: UAE-based Growmore Group has signed a strategic agreement to acquire Medicinos Bankas UAB, a leading retail bank in Lithuania with an asset portfolio of $395 million.
This agreement is part of the company's objective to expand its banking investments in the European Union (EU), backed by its expertise in financial services with businesses across the UAE, UK, Switzerland, India, and the Caribbean, according to a press release on Thursday.
Ernst & Young and Sorainen were the Growmore's financial and legal advisors on the deal, respectively.
Commenting on the acquisition, the Chairman of Growmore Group, Nitin Shelke, said: "The operations of Medicinos Bankas, including its 51 branches in the country, will continue as normal, and with a primary focus on lending for small and medium businesses, personal banking services and agricultural lending."
Chief Investment Officer of Growmore, Animesh Saxena, noted: "We believe in the tremendous value-add that this acquisition will bring with its strategic location offering us the springboard to further strengthen our footprint across the EU."
