UAE-based Growmore Group Acquires Medicinos Bankas, Lithuania's Leading Retail Bank With Assets of US$395 Million

/ -- Growmore Group, a global investment and financial services conglomerate with businesses across the UAE, UK, Switzerland, India and the Caribbean, has entered into an agreement for the strategic acquisition of Medicinos Bankas, a leading Lithuanian bank with assets of US$395 million. Ernst & Young and Sorainen were Growmore's financial and legal advisors on the deal, respectively. The Bank's sale process was managed by Deloitte and the legal firm TGS Baltic.

Backed by diversified revenue streams, a resilient net interest margin and sustained profitability, Medicinos Bankas has healthy fundamentals with deposit portfolio at US$334 million.

Nitin Shelke, Chairman of Growmore Group, said: "This deal marks a strategic step in Growmore's vision of evolving into a full-suite financial services conglomerate. Operating in a highly competitive and high-potential market, Medicinos Bankas is well capitalized and has reported continued growth over the years. Despite the challenging global