VILNIUS — The Lithuanian Snoras Bank increased its shares in Latvijas Krājbanka to 85.07 percent Tuesday, but is not saying why.

Snoras Group, which made a loss of 44 million litai (€12 million) in 2009 according to its annual report. The bank is also tight-lipped about how the Latvijas Krājbanka purchase is being financed.

Snoras announced through the stock exchange that its main shareholder, Vladimir Antonov bought 31.96 percent of Latvijas Krajbanka increasing the groups shares to a qualifying holding to 85.07 percent.

Latvijas Krajbanka also fared poorly last year, posting a €2.73 million loss but in 2008 made a €3.96 million profit.

Antonov owns 67.28 percent of Snoras bank shares, while the bank’s President Raimondas Baranauskas owns 25.01 percent.