The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.9 - Other financial service activities, except insurance and pension funding
400 jobs Number of planned job losses
Announcement Date
18 June 2013
Employment effect (start)
4 July 2013
Foreseen end date
Description
A private-capital commercial bank Ukio bankas intends to dismiss nearly 400 employees in Lithuania on 4 July, 2013. In February, 2013 Ukio bankas was revealed to have poor asset quality, weak risk management and lack of proper operating data. On 12 February, 2013 the Central bank of Lithuania announced a partial restriction on activities of the bank. On 18 February, 2013 after assessing the interim report on the financial standing of Ukio bankas the Board of the Bank of Lithuania recognised the Bank as insolvent and took a decision to permanently revoke the banking licence issued to this Bank. On 2 May, 2013 a Lithuanian court began bankruptcy procedures against Ukio Bankas at the request of the Central bank of Lithuania.
Sources
18 June 2013: Verslo zinios
18 June 2013: AB Ukio bank (press release)
Citation
Eurofound (2013), Ukio bankas, Bankruptcy in Lithuania, factsheet number 75614, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75614.
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