MP Bank Transfers Investment Banking Activity in Lithuania to Finasta
Having made a strategic decision to focus on pension funds management, Icelandic bank MP Banki hf. has transferred the provision of financial intermediation and portfolio management services to its clients to Finasta Group of Companies.
“MP Bank has made the strategic decision to concentrate on one strategic direction in Lithuania – pension funds management, by further developing UAB “MP Pension Funds Baltic”. To that aim we have decided to transfer our Lithuanian branch activities to the leader of investment banking in Lithuania – AB Finasta, – says Sigurdur Atli Jonsson, CEO of MP banki hf. MP Bank remains an active and long-term shareholder in the pension fund management company.
Up until now the Icelandic bank MP Banki hf. was providing financial intermediation and portfolio management services to its clients. From now on these solutions shall be offered by AB bank Finasta and Finasta Asset Management.
„MP Bank clients will benefit greatly from these changes – we will offer them not just similar solutions and services but will provide new possibilities arising from wide range of financial instruments, functional trading platform, competitive service fees and sophisticated asset management solutions“,- said Andrius Barštys, Managing Director and Chairman of the Board of AB bank Finasta. According to him, MP Bank‘s specialised experience and valuable client base shall definitely contribute to strengthening the leadership position of Finasta in Lithuania.
About MP Bank - Baltic Branch
MP Bank hf. Baltic branch is a branch of Icelandic commercial bank MP Banki hf. MP Pension Funds Baltic - subsidiary company of MP Bank – manages 3 second-pillar pension funds, 2 third-pillar pension funds with offices in Vilnius and Kaunas. By September 2011 MP Pension Funds Baltic had more than 36.000 clients and 110 mln. litas in assets under management.
About AB Bank Finasta
Finasta bank controlled by Finasta Holding was set up in 2008 and specialises in investment and private banking services. The bank provides a package of investment, financial management and corporate finance services to private and corporate clients and offers tailor-made corporate lending solutions
The bank has over 15,000 clients with their investment assets worth LTL 2.66 billion. Finasta bank is the leader of the securities brokerage market in Lithuania occupying first positions by bond turnover and overall securities turnover.