TGS Baltic advised the clients on the acquisition of a qualifying shareholding and voting rights in UAB Medicinos bankas

13.07.2021 TGS Baltic advised the clients on the acquisition of a qualifying shareholding and voting rights in UAB Medicinos bankas

We advised Mr. Konstantinas Karosas, Western Petroleum Limited and UAB MB valdymas in obtaining a decision of the supervisory authority not to object to the acquisition of the qualifying shareholding and voting rights in UAB Medicinos bankas (the “Bank”).

This case is exceptional as the qualifying shareholding in the Bank was acquired by way of inheritance. This is the first time on the EU scale of obtaining the supervisory authority’s non-objection to the acquisition of a qualifying majority shareholding and voting rights in a bank after shares of the bank were inherited.

Upon examination of all the submitted documents, the European Central Bank has allowed:

1) Mr. K. Karosas to directly acquire the qualifying shareholding and voting rights in the Bank above 50% of the share capital of and voting rights in the Bank;

2) Western Petroleum Limited, a company owned by Mr. K. Karosas, to acquire the qualifying shareholding and voting rights in the Bank;

3) UAB MB valdymas to acquire all the voting rights in the general meeting of shareholders of the Bank, which Mr. Karosas and Western Petroleum Limited transferred to this company.

TGS Baltic Partner Robertas Degesys, Senior Associate Karolina Lapinskaitė and Legal Assistant Kotryna Visockytė advised the clients on all issues pertaining to the acquisition of the qualifying shareholding and voting rights in the Bank.