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Lithuania Post to buy 220 “minibanks” from liquidated bank

Friday, October 5th, 2012

Lithuania Post is looking to make a big expansion to its financial services network with the acquisition of the retail assets of a bank currently going through liquidation.

The Post told Post&Parcel today that it will be taking on 220 on-street banking kiosks from Bankas Snoras, through which it will be able to offer the kind of financial services currently being offered at post offices.

This would include collection of payments and fees, sending and paying money orders, withdrawing cash, and the issuing consumer loans.

The first converted “minibanks” will be open to customers at the end of this year, the Post said.

In future, Lithuania Post is also looking to offer new financial services.

Lithuania Post chief executive officer Lina Minderienė said: “One of the company’s key priorities is the enhancement of current financial services and provision of new ones.

“Residents were used to making payments, receiving consumer credits or concluding insurance agreements in the Snoras mini banks. Lithuania Post is also going to use the Snoras retail network for the provision of financial services,” said Minderienė.

Snoras

Former sponsor of the Renault Formula One team, Bankas Snoras was a commercial bank seen as one of the best in Lithuania before it was found to be involved in risky investments without maintaining proper operating data.

The bank was nationalised by the Lithuanian government in November 2011 but then declared bankruptcy a few days later, around LTL 4bn (EUR 1.2bn) in debt.

The Snoras bank has had its bankruptcy process approved by its creditors, part of which is involving the sale of the retail network.

Aurelija Mažintienė, who chairs the Snoras Creditors’ Committee, said: “We are glad that the Snoras mini banks will have an owner, the more especially as it will offer services that people are used to. The sale of these assets also demonstrates that the bankruptcy process is going smoothly.”

Lithuania Post said that along with the acquisition of infrastructure, in the near future it would be taking on about 100 new employees that have good experience providing financial services.

Source: Post&Parcel/Lithuania Post

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