The international tender for the loan portfolio of LTL 1.6 billion (EUR 464 million) has been carried out in line with necessary procedures to ensure its transparency. The largest asset of Snoras will be sold to an international consortium led by an investment bank which does not intend to disclose its name at the current stage, Snoras said in a press release.
“We are pleased to announce that the sale of the Snoras loan portfolio has reached its final phase, and is soon to be completed. In the very first phase we reached out to over 100 international buyers. The good quality of the Snoras loan portfolio has allowed us to negotiate the most beneficial selling conditions possible for the creditors of Snoras bank,” stated Neil Cooper, former Snoras bankruptcy administrator, who has been in charge of the selection process of the potential investor.