Originally Posted by
RicheyWhite
Ukio Bankas Group, Lithuania’s biggest*publicly traded bank, fell to the lowest in almost four years after*saying it took ownership of a sports arena developer from borrowers who*pledged the company as collateral.***** The shares fell as much as 4 percent on the Nasdaq OMX Vilnius*exchange in the Lithuanian capital, closing down 2.6 percent at 0.148*euros ($0.19), the lowest since*Dec. 1, 2008, according to data compiled*by Bloomberg. Volume of 298,999 shares was five times the three-month*average.***** Ukio Bankas increased its stake in UAB Zalgirio Sporto Arena to*100 percent by taking over 94.9 percent of shares, valued at 357 million*litai ($132 million), from debtors, the lender said in a statement*before trading*today. Its shares have fallen during five of the last six*trading sessions since Oct.29, when the bank reported a group net loss of 44 million litai for nine*months of this year.***** By taking over the shares of the stadium developer, the bank said*it would “be able to accelerate the development and implementation of*the real estate project carried out by the company, and also will avoid*possible loan impairment losses.”