Iceland’s MP banki has sold its Lithuanian pensions business to a Lithuanian investor for €3.3m as part of its ‘strategic decisions’ to cut ties with the Baltics.
The firm’s subsidiary, MP Pension Funds Baltic, has been sold to Invalda LT AB in the hope of having a ‘positive effect’ on MP banki’s results in Q3 2014.
According to MP banki, the firm does not have the strategy to grow in the Baltics and there is "limited synergy" with other parts of its business.
"For strategic reasons, it is therefore our decision to sell at this time. We wish the new owners the best of success for the further growth of the company in the Lithuanian pension market,” said the bank’s CEO Sigurður Atli Jónsson.
However, he said the firm is “very proud” of the success of MP Pension since its launch in 2007.
“The foundations for further growth of MP Pension in the fairly young pension fund market in Lithuania are very strong,” Jónsson said.
The sale has been approved by Lithuanian authorities and the ownership has been transferred to Invalda LT AB as of today.
Prime Investment advised MP banki on the deal.
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