The board of Lithuania's Central Bank has granted permission to the Russian Konversbank and its subsidiary, Luxembourg-based Incorion Investment Holding Company, to raise its ownership stake in the commercial bank Snoras, assuming management control as well, ELTA reported on 23 October.

This ruling will take effect as soon as Konversbank secures permission from Russia's Central Bank to invest the funds in the share capital of Snoras. The authorized capital of Snoras totals 137 million litas ($46 million), and after the stock purchase Konversbank will hold a combined 57.6 percent stake in the Lithuanian commercial bank.

The other major stakeholders are Nuntel Holding LLC with 9.9 percent, Hoffman Development LLC with 9.9 percent, and Axcol Properties Limited with 9.9 percent.

Snoras reported a profit of 10.3 million litas last year.

(RFE/RL 24.x.03)