UAE based Growmore Group announced this Thursday to enter a deal to acquire Medicinos Bankas UAB, which is one of the leading banks in Lithuania, with assets worth $395 million. The deal will be completed once approvals from Bank of Lithuania have been made.
Growmore Group is a global investment company with businesses across United Arab Emirates, India, U.K, Switzerland, and the Caribbean.
This deal will help expand Growmore’s banking sector investments in the continent, along with its strong areas- offshore banking and asset management, as per the company. The main focus of the deal will be lending small and medium businesses, agricultural lending, including personal banking services.
Chief Investment Officer of Growmore, Animesh Saxena finds the acquisition to be highly prospective and will be bringing value and strengthening its position across the EU.
Lithuania Bank has highly transformative banking operations which accounts for approximately 50% of total operating revenue of Medicinos Bankas. Growmore continues creating globally the first healthcare digital currency, along with being active in the solar energy sector. Recently, the company received an in-principal approval from Financial Services Regulatory Authority of ADGM for Category 3C license.