Bank of Lithuania
2015-12-21
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In accordance with the request of the financial brokerage company AB Finasta to revoke its licence of a financial brokerage firm (since the company will not operate as a legal person due to reorganisation), the Board of the Bank of Lithuania revoked the B category licence of a financial brokerage firm No B087, issued to the financial brokerage company AB Finasta. This licence is no longer valid as of the date of removing the company from the Register of Legal Entities.

The Supervision Service of the Bank of Lithuania had previously approved of the reorganisation of the financial brokerage company AB Finasta by merging it with AB Šiaulių bankas.

On 11 December 2015, the European Central Bank, in view of the fact that AB bankas Finasta will not operate as a legal person after its reorganisation and taking into account the request of AB bankas Finasta, made the decision to revoke the licence for this bank as of the end of the reorganisation of AB bankas Finasta if the reorganisation is completed by 31 January 2016. Pursuant to Article 21(3) and Article 64(1) of the Republic of Lithuania Law on Banks, as well as Article 4(1)(a) of the Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ 2013 L 287, p. 63), the decision on the issuance or revocation of the banking licence is made by the European Central Bank. Somewhat earlier, on 30 November 2015, the Board of the Bank of Lithuania gave permission for the reorganisation of AB bankas Finasta.

AB Šiaulių bankas announced today that its articles of association have been newly registered in the Register of Legal Entities, while AB bankas Finasta and the financial brokerage company AB Finasta have been removed from the Register of Legal Entities. After these events, the reorganisation of AB bankas Finasta and the financial brokerage company AB Finasta by merging them with AB Šiaulių bankas is considered to be completed. The rights and obligations of the financial brokerage company AB Finasta and AB bankas Finasta have been taken over by AB Šiaulių bankas.