COMPETITION COUNCIL AUTHORISES CONCENTRATION BY ACQUIRING SHARES OF ŪKIO BANKAS

Having concluded that the intended concentration will not result in the creation or strengthening of a dominant position or any significant restriction of competition in the relevant markets related to the provision of banking services the Competition Council of the Republic of Lithuania decided to authorise Vladimir Romanov to implement concentration by acquiring up to 100 percent of shares of AB Ūkio bankas  according to the submitted concentration notification.

When authorising the concentration transaction the Competition Council also considered the conclusion submitted by the Bank of Lithuania. The Board of the Bank of Lithuania notified having no objections to Vladimir Romanov increasing the qualifying share of the authorised capital and/or voting rights of AB Ūkio bankas so that AB Ūkio bankas becomes a controlled entity.

This concentration transaction will be implemented by submitting a mandatory tender offer to purchase shares of AB Ūkio bankas as required according to the Law on Securities of the Republic of Lithuania.The mandatory tender offer shall be submitted and implemented by Vladimir Romanov who has submitted the notification on concentration. The number of shares to be acquired by Vladimir Romanov shall depend on the number of persons who will chose to sell their shares in response to the mandatory tender offer.

It is hereby recalled that having regard to the application for the authorisation to perform individual concentration actions submitted on 1 July 2010 in relation to the concentration notification, on 15 July 2010 the Competition Council passed the Resolution authorising Vladimir Romanov to perform individual concentration actions in accordance with the application submitted.