On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107. Now the authorized capital of Bank SNORAS amounts to LTL 411,922,567.
The decision of the bank to increase the authorized capital was made during an extraordinary general meeting of bank shareholders', which took place on 5 November 2009, when it was decided to increase the authorized capital of the bank by means of additional shareholders' contributions. On 3 May - 2 July 2010 AB Bank SNORAS distributed LTL 82.3 million emission of registered ordinary shares, therefore, the registered authorized capital of the bank will increase up to LTL 494.2 million, while the shareholders' equity base to be calculated will comprise LTL 647 million.
In 2009, Vladimir Antonov and Raimondas Baranauskas, the main shareholders of the bank, strengthened the capital base consistently by redeeming LTL 72.5 million (EUR 21 million) worth termless debt securities emission issued on 31 August 2009 by means of non-public distribution and by granting to the bank the subordinated LTL 51.8 million (EUR 15 million) loan on 24 December 2009, which on 30 December 2009 was permitted by the Board of the Bank of Lithuania to be included in the second level capital of Bank SNORAS.
These changes will continue to strengthen the capital base of the bank, while the capital adequacy indicator of the bank will increase by approximately 1.5 per cent.