Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg News

Ukio Rises for 1st Time in Week After CEO's Debt Remark

November 14, 2012

AB Ukio Bankas (UKB1L) rose for the first time in a week in intraday trading after the chairman of Lithuania’s biggest listed bank by assets said it was protected from losses on the value of property taken over from debtors.

The shares rose as much as 2.5 percent from an eight-year low to 0.122 euros ($0.155), the biggest gain since June 18, according to data compiled by Bloomberg. They traded at 0.121 euros as of 12:35 p.m. in Vilnius. Volume of 83,602 shares was 97 percent of the three-month daily average.

Chairman Arnas Zalys said the bank had guarantees on the valuation of a property developer it took over last week from several borrowers, who would be required to pay compensation if the true value turned out to be less. The shares lost a quarter of their value in a week as analysts, including Swedbank’s Mart Kroodo, said they were concerned about the size and nature of the deal, and the accuracy of the developer’s valuation.

The move to take ownership of UAB Zalgirio Sporto Arena, valued at 357 million litai ($131 million), shows that the bank “is starting to work actively with its portfolio of borrowers, seeking to improve its efficiency in resolving problem debts,” Zalys said in remarks to Bloomberg published late yesterday. “Such steps are painful in the short run, but they are essential.”

To contact the reporter on this story: Bryan Bradley in Vilnius at

To contact the editor responsible for this story: Balazs Penz at

blog comments powered by Disqus