Ūkio bankas

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AB Ūkio bankas
Public company
Traded asNasdaq BalticUKB1L
IndustryFinancial services
Founded1989
Defunct2013
Headquarters,
Key people
Gintaras Ugianskis (Chairman of the Board)
ProductsRetail banking, mortgage loans, corporate banking
Websitehttp://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 was 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 12 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 Šiaulių bankas [lt].

Ūkio bankas has been associated with money laundering.[6][7]

See also[edit]

References[edit]

  1. ^ "Shareholder listing".
  2. ^ LHV, 15 October 2006
  3. ^ Collier, Mike (28 August 2018). "S&P downgrades Ukio". The Baltic Times. Retrieved 7 October 2008.
  4. ^ Notice regarding activities of the AB Ūkio Bankas, 12 February 2013
  5. ^ "Ukio Bankas removed from NASDAQ OMX shares list". The Baltic Course. 26 February 2013. Retrieved 26 February 2013.
  6. ^ Knack, Kristof Clerix is redacteur bij (4 March 2019). "België, het doorgeefluik voor 10 miljard euro van 'witwasbank' Ukio Bankas". www.knack.be.
  7. ^ "Bijna een miljard euro stroomde vanuit Litouwen naar Nederland". Trouw.

External links[edit]