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

By AIT News Desk On May 7, 2020

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.

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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 environment, we continue to look at growth opportunities with the goal of creating a one-stop shop for the banking needs of our clients while delivering long-term value to all our stakeholders.”

Animesh Saxena, Chief Investment Officer of Growmore, added: “We believe in the tremendous value-add that this acquisition will bring with its strategic location offering us the springboard to further strengthen our footprint across the EU.”

Led by a team of expert professionals, Growmore brings a rich heritage of nearly two decades in financial services across various sectors and in key geographies. The group is active in the solar energy space, developing a 1GW PV manufacturing plant in India and the UAE.