Ūkio bankas

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AB Ūkio bankas
Former type public company
Traded as OMXUKB1L
Industry Financial services
Founded 1989
Defunct As of February 12th, 2013
Headquarters Kaunas, Lithuania
Key people Gintaras Ugianskis (Chairman of the Board)
Products Retail banking, mortgage loans, corporate banking
Website http://www.ub.lt
Ūkio Bankas branch in Laisvės Alėja, Kaunas

Ūkio Bankas was a Lithuanian commercial bank based in Kaunas. More than 50% of shares are owned by Lithuanian businessman Vladimir Romanov who therefore is in the control of the bank.[1] It was the fifth largest and oldest private bank in Lithuania.

In October 2006 during internet conference on the news portal Delfi.lt Vladimir Romanov announced his plans of selling his shares to the strategic investor. GE Money, a branch of General Electric, as one of the possible buyers was mentioned by Romanov.[2]

In common with other banks Ūkio Bankas suffered from the effects of credit crunch and on 26 August 2008 rating agency Standard & Poor downgraded the banks status from stable to negative.[3]

The organisation sponsored Lithuanian football club FBK Kaunas and Scottish team Hearts. Romanov is the owner of Hearts and a board member of FBK Kaunas.

In February 2013 the bank was revealed to have poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks. On the 12th of February, the Bank of Lithuania in accordance with Art. 76 of the Law on Banks of the Republic of Lithuania (the “Law on Banks”) announced a partial and temporal restriction on activities (the “Moratorium”) of AB Ūkio bankas.[4] Ukio was removed from the Lithuanian stock exchange later that month,[5] with many of its assets and liabilities transferred to Siauliu Bankas.

As of 17 June 2013, Heart of Midlothian owe the bankrupt company £15 Million. [1]

See also[edit]

References[edit]

  1. ^ Shareholder listing
  2. ^ http://www.lhv.lt/news/index.cfm?id=924844 - LHV, 15 October 2006
  3. ^ http://www.baltictimes.com/news/articles/21193/, 27 August 2008
  4. ^ http://www.ub.lt/en/news/view/1572/notice-regarding-activities-of-the-ab-ukio-bankas-from-12-february-2013-Notice regarding activities of the AB Ukio Bankas, 12 February 2013
  5. ^ http://www.baltic-course.com/eng/finances/?doc=70962

External links[edit]