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Siauliu Bankas AB

SB draudimas, a subsidiary of Šiaulių bankas, establishes branches in Latvia and Estonia

Source: GlobeNewswire
SB draudimas, a subsidiary of Šiaulių bankas, establishes branches in Latvia and Estonia

Šiaulių bankas group decided to establish branches of "SB draudimas" in Latvia and Estonia. Decisions were taken in order to properly implement the agreement concluded with Invalda INVL Group on 22 November 2022 regarding the merger of part of the retail businesses, after the implementation of which, Šiaulių bankas group, in addition to the financial services it already provides, will manage the second- and third-pillar pension and investment funds in Lithuania and will expand life insurance business throughout the Baltic States. The establishment of branches of "SB draudimas" is necessary in order to properly prepare for the transfer of INVL Life insurance services business in Latvia and Estonia to "SB draudimas". It is planned that the established branches of "SB draudimas" will continue the activities carried out by INVL Life in Latvia and Estonia.

Additional information:
Tomas Varenbergas
Director of Treasury & Markets
tomas.varenbergas@sb.lt, +370 5 203 22 00