Nov. 17 (Bloomberg) -- Lithuanian lawmakers approved seven amendments to legislation that will help the country split AB Snoras Bank, which the government took over yesterday.
The government wants to split Snoras into two banks, with good and bad assets. Lithuania needs to complete the process and stabilize the situation within a month and a half to limit takeover costs, Finance Minister Ingrida Simonyte told lawmakers today.
The government decided to take over Snoras after the central bank said the bank failed to contain credit risk and was involved in illegal banking operations.
BIO MILDA SEPUTYTE
--Editors: Balazs Penz, Louis Meixler
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