Bankas Snoras AB or simply SNORAS was a commercial bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

, founded in Lithuania
Lithuania , officially the Republic of Lithuania is a country in Northern Europe, the biggest of the three Baltic states. It is situated along the southeastern shore of the Baltic Sea, whereby to the west lie Sweden and Denmark...

 operating in all three Baltic states
Baltic states
The term Baltic states refers to the Baltic territories which gained independence from the Russian Empire in the wake of World War I: primarily the contiguous trio of Estonia, Latvia, Lithuania ; Finland also fell within the scope of the term after initially gaining independence in the 1920s.The...

. It is a member of the financial group Konversbank and is listed on the NASDAQ OMX Vilnius stock exchange. On November 16, 2011, 100% of the bank shares were nationalized by the Lithuanian government and the bank was placed into temporary administration. On November 24, the bank was declared bankrupt. It has 4 billion Litas in debt.


Bankas Snoras AB was founded 1992 as a regional bank of Šiauliai
Šiauliai , is the fourth largest city in Lithuania, with a population of 133,900. It is the capital of Šiauliai County. Unofficially, the city is the capital of Northern Lithuania.-Names:...

 and renamed to its current name in 1993. It was recognised as the best bank in Lithuania in 2006 by financial publisher The Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...

. However, an inspection at the bank in November 2011 revealed poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks.


Snoras is listed on the NASDAQ OMX Vilnius stock exchange. Major shareholders, holding more than 5% of the shares of the company are:
  • Vladimir Antonov – 67%
  • Raimondas Baranauskas – 25%

Notable subsidiaries

Snoras AB has invested in a variety of business, most notable are:
  • Investment bank Finasta
  • Latvian bank Latvijas Krājbanka
    Latvijas Krājbanka
    Latvijas Krājbanka is a Latvian bank listed on the Riga OMX exchange. The bank dates back to 1924 when it was founded as the Latvian Postal Savings Bank...

Investment in car industry

In 2008, SNORAS purchased 29.8% of shares of Dutch sport car manufacturer Spyker Cars
Spyker Cars
Spyker Cars is a Dutch sports car marque. The modern Spyker Cars only has the legal right to the brand name. The company's motto is "Nulla tenaci invia est via", which is Latin for "For the tenacious, no road is impassable". The marque's logo displays the piston engine of an airplane, a reference...

. In the same year, SNORAS sold the stake in Spyker Cars. In 2010, SNORAS became sponsor of Renault F1
Renault F1
Lotus Renault GP, formerly the Renault F1 Team, is a British Formula One racing team. The Oxfordshire-based team can trace its roots back through the Benetton team of the late 1980s and 1990s to the Toleman team of the early 1980s. Renault had also competed in various forms since , before taking...

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.