Snoras

Bankas Snoras AB or simply SNORAS (Nasdaq Baltic: SRS1L, Nasdaq Baltic: SRS2L) was a commercial bank, founded in Lithuania operating in all three Baltic states. It was a member of the financial group Konversbank and was listed on the NASDAQ OMX Vilnius stock exchange. On November 16, 2011, 100% of the bank shares were nationalized by the Lithuanian government and the bank was placed into temporary administration. On November 24, the bank was declared bankrupt. It had 4 billion litas in debt.[4][5]

Bankas Snoras AB
Joint stock company (Nasdaq Baltic: SRS1L),(Nasdaq Baltic: SRS2L)
IndustryBanking
Financial services
FateBankruptcy
Founded1992 [1]
DefunctNovember 24, 2011
Headquarters
Vilnius
founded in Šiauliai
,
Lithuania
Area served
Lithuania, Latvia, Estonia
Key people
Vladimir Antonov
(Main shareholder, Chairman of Supervisory board)[2]
Raimundas Baranauskas
(Shareholder, Chairman of Board)
ProductsFinance and insurance
Consumer banking
Corporate banking
Mortgages
Credit cards
LTL (44 million) (2009)[3]
Total assets LTL 9,032 million (2009)[3]
Total equity LTL 601 million (2009)[3]
Number of employees
1,225 (2009)[3]
Websitesnoras.com
Snoras headquarters in Vilnius.

History

Bankas Snoras AB was founded 1992 as a regional bank of Šiauliai and renamed to its current name in 1993. It was recognised as the best bank in Lithuania in 2006 by financial publisher The Banker.[6][7] However, an inspection at the bank in November 2011 revealed poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks.

Shareholders
Snoras kiosk in Jonava.

Snoras was listed on the NASDAQ OMX Vilnius stock exchange. Major shareholders, holding more than 5% of the shares of the company were:

Notable subsidiaries

Snoras has invested in a variety of business, most notable are:

Investment in car industry
Snoras logo on Renault F1

In 2008, Snoras purchased 29.8% of shares of Dutch sports car manufacturer Spyker Cars.[9] In the same year, Snoras sold the stake in Spyker Cars. In 2010, Snoras became sponsor of Renault F1 team.[10]

References
  1. http://www.snoras.com/en/about Snoras about page
  2. http://www.snoras.com/en/about/management/council%5B%5D Supervisory Board
  3. http://www.nasdaqomxbaltic.com/upload/reports/srs/2009_ar_en_ltl_con_ias.pdf Financial report of AB bank SNORAS for financial year 2009
  4. Juršytė, Justina. "Valstybė nacionalizavo "Snorą", bankas įtariamas nusikalstama veikla".
  5. "Bankui AB bankas SNORAS paskirtas laikinasis administratorius, laikinai taikomos turto apsaugos priemonės". www.lb.lt. Archived from the original on 2011-11-19. Retrieved 2011-11-16.
  6. http://www.citrus.lt. "Bankas SNORAS". www.snoras.com.
  7. "Archived copy". Archived from the original on 2012-03-14. Retrieved 2010-10-30.CS1 maint: archived copy as title (link)
  8. http://www.snoras.com/en/about/affiliates/siv%5B%5D Affiliates of Snoras
  9. http://www.snoras.com/en/about/news?item=2169 Snoras sells Spyker
  10. http://www.renaultf1.com/Renault-F1-Team-announces-SNORAS.html%5B%5D Renault F1 announces SNORAS sponsorship
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.