VILNIUS — Snoras Bank announced Wednesday that it would be opening up credit when the big Scandinavian banks were tightening up and lending less.
Banks are reeling after having to write down swaths of bad loans from 2009, which was the second toughest economically for the Baltic region since independence. Though many banks including Snoras are yet to release their annual reports for last year, they are all [private_supervisor]expected to post losses.
The bank, which is primarily Russian owned, said that it would be taking advantage of the opportunities in the market.
“We are trying to benefit from the situation when the Scandinavian banks are not as active,” Snoras Deputy Chairman Naglis Stancikas told Bloomberg. “We see this year as a year of opportunities and we want to increase our loan portfolios.”
The bank reported that they have already increased the size of their loan portfolio this year.
“The economic situation is no longer worsening,” Stancikas said. “We are feeling the first positive signs such as an improvement in real estate.”
On March 8 Fitch ratings agency improved Snoras’ long-term issuer default rating outlook from negative to stable. The bank is now rated B+ for its long-term issuer default rating and B+ for issued eurobonds.
In a bid to raise capital, the bank will also coordinate the sale of €23 million worth of shares in the bank during the first half of this year. It may also issue bonds depending on market conditions.
Snoras bank is 67 percent owned by Russian citizen Vladimir Antonov and the Lithuanian Chairmann of the bank Raimondas Baranauskas, who holds 25 percent. [/private_supervisor] [private_subscription 1 month]expected to post losses.
The bank, which is primarily Russian owned, said that it would be taking advantage of the opportunities in the market.
“We are trying to benefit from the situation when the Scandinavian banks are not as active,” Snoras Deputy Chairman Naglis Stancikas told Bloomberg. “We see this year as a year of opportunities and we want to increase our loan portfolios.”
The bank reported that they have already increased the size of their loan portfolio this year.
“The economic situation is no longer worsening,” Stancikas said. “We are feeling the first positive signs such as an improvement in real estate.”
On March 8 Fitch ratings agency improved Snoras’ long-term issuer default rating outlook from negative to stable. The bank is now rated B+ for its long-term issuer default rating and B+ for issued eurobonds.
In a bid to raise capital, the bank will also coordinate the sale of €23 million worth of shares in the bank during the first half of this year. It may also issue bonds depending on market conditions.
Snoras bank is 67 percent owned by Russian citizen Vladimir Antonov and the Lithuanian Chairmann of the bank Raimondas Baranauskas, who holds 25 percent. [/private_subscription 1 month] [private_subscription 4 months]expected to post losses.
The bank, which is primarily Russian owned, said that it would be taking advantage of the opportunities in the market.
“We are trying to benefit from the situation when the Scandinavian banks are not as active,” Snoras Deputy Chairman Naglis Stancikas told Bloomberg. “We see this year as a year of opportunities and we want to increase our loan portfolios.”
The bank reported that they have already increased the size of their loan portfolio this year.
“The economic situation is no longer worsening,” Stancikas said. “We are feeling the first positive signs such as an improvement in real estate.”
On March 8 Fitch ratings agency improved Snoras’ long-term issuer default rating outlook from negative to stable. The bank is now rated B+ for its long-term issuer default rating and B+ for issued eurobonds.
In a bid to raise capital, the bank will also coordinate the sale of €23 million worth of shares in the bank during the first half of this year. It may also issue bonds depending on market conditions.
Snoras bank is 67 percent owned by Russian citizen Vladimir Antonov and the Lithuanian Chairmann of the bank Raimondas Baranauskas, who holds 25 percent. [/private_subscription 4 months] [private_subscription 1 year]expected to post losses.
The bank, which is primarily Russian owned, said that it would be taking advantage of the opportunities in the market.
“We are trying to benefit from the situation when the Scandinavian banks are not as active,” Snoras Deputy Chairman Naglis Stancikas told Bloomberg. “We see this year as a year of opportunities and we want to increase our loan portfolios.”
The bank reported that they have already increased the size of their loan portfolio this year.
“The economic situation is no longer worsening,” Stancikas said. “We are feeling the first positive signs such as an improvement in real estate.”
On March 8 Fitch ratings agency improved Snoras’ long-term issuer default rating outlook from negative to stable. The bank is now rated B+ for its long-term issuer default rating and B+ for issued eurobonds.
In a bid to raise capital, the bank will also coordinate the sale of €23 million worth of shares in the bank during the first half of this year. It may also issue bonds depending on market conditions.
Snoras bank is 67 percent owned by Russian citizen Vladimir Antonov and the Lithuanian Chairmann of the bank Raimondas Baranauskas, who holds 25 percent. [/private_subscription 1 year]
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