By Andrei Skvarsky.
The European Bank for Reconstruction and Development is lending 20m euros in co-funding an urgent effort to rescue Lithuania’s troubled Ukio bank, whose woes are seen as a threat to the Baltic country’s entire financial sector.
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Under an agreement between Ukio’s administrator, the lender, headquartered in Lithuania’s second-largest city of Kaunas, has transferred a large proportion of its assets to Siauliu bank, a Lithuanian commercial bank where the EBRD is the single biggest shareholder with a stake of 19.6%.
Siauliu, which is based in the city of Siauliai, focuses on lending to small and medium-sized enterprises.
The purpose of the EBRD loan is to support the assets transfer, the international lender said in a statement.
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