Vilnius, Lithuania, 2014-09-23 15:10 CEST (GLOBE NEWSWIRE) -- On 23 September 2014 a company INVL Fondai, 100% managed by Invalda LT, received a decision of the Supervision Service of the Bank of Lithuania to not object to the acquisition and acquired a specialised pension funds management company MP Pension Funds Baltic. EUR 3.3 million (LTL 11.394 million) were paid for 100% of MP Pension Funds Baltic.
Currently MP Pension Funds Baltic has 62 thousand customers, manages EUR 90 million of assets and has a 5 percent share in Lithuanian pension funds market. Darius Sulnis, Jón Sigurðsson, Alvydas Banys, Nerijus Drobavičius, Vytautas Plunksnis are the Board members of MP Pension Funds Baltic. Invalda LT plans to retain the acquired company’s team and management as well as further expand company’s activities. The agreements conditions for the customers will remain the same; the clients will need no for further actions.
Additional information:
“The acquisition of MP Pension Funds Baltic is a long-term and a strategic investment by Invalda LT. We believe that the development of our country as well as the growth of society’s wealth will increase investments in pension funds and other long-term saving products”, - Darius Sulnis, the president of Invalda LT, said.
“We highly appreciate the achievements obtained during 7 years of activity by Iceland’s founded company MP Pension Funds Baltic. We will continue to sustain the values and the mission of the company – to help customers to secure 80 percent income for the retirement pension. We are glad that the Member of the Board Mr. Jon Sigurdson agreed to keep working with the company and will contribute to continuity of business. We believe that the current team of directors will continue to successfully expand the business and will pursue higher results.” – D. Sulnis, said.
“We are extremely happy with the way the management and the staff have built a successful company with strong business prospects and excellent long term performance record. It has been a pleasure to have been involved in this successful business development. MP banki today does not have a strategy to grow in the Baltics and there is very limited synergy with other parts of our businesses. For strategic reasons it is therefore our decision to sell at this time. We wish the new owners the best of success for the further growth of the company in the Lithuanian pension market”, - Sigurdur Atli Jónsson, CEO of MP banki, said.
According to Mr. Ramunas Stankevicius, the CEO of MP Pension Funds Baltic, the change of shareholders will straighten the position of MP Pension Funds Baltic in the lithuanian market even more.
„Currently we are a rapidly growing company which specializes in management of pension funds and implements the best management practices of pension funds, responsible and strategical approach in savings and investments. Our mission is to seek for the best risk and return proportion for the pension funds’ customers by managing the second and third pillar pension funds. By using the experience and management professionals of Invalda LT, AB we will seek to further strengthen our position and to become market leaders in pension funds management“ – said Mr. Stankevicius.
The person authorized to provide additional information: Darius Sulnis President Phone +370 5279 0691 E-mail:Darius@InvaldaLT.com
