Sorainen has advised Nitin Shelke, the founder and chairman of Growmore Group, on its acquisition of Medicinos Bankas, a retail bank in Lithuania with USD 395 million in assets, from Konstantinas Karosas and Western Petroleum Limited. The sellers were advised by TGS Baltic.
According to Sorainen, “the Growmore Group is a global investment and financial services conglomerate with businesses across the UAE, UK, Switzerland, India, and the Caribbean. The acquisition will mark the expansion of its banking sector investments into the European Union. The operations of Medicinos Bankas, including its 51 branches in the country, will continue as normal, and with a primary focus on lending for small and medium businesses, personal banking services, and agricultural lending.”
Sorainen’s team included Partners Mantas Petkevicius, Augustas Klezys, and Saule Dagilyte, Senior Associates Inga Macijauskaite, Agne Sovaite, and Rasa Mikutiene, and Associates Jurgita Tekoriene, Auguste Bucyte, Kamile Kukaityte, Goda Drasute, Dobile Minkute, and Sidas Sokolovas.
TGS Baltic's team included Partners Robertas Degesys and Aurimas Pauliukevicius, Senior Associate Indre Vicakite-Liatuke, and Associate Karolina Lapinskaite.