{{Short description|Lithuanian bank}} {{Infobox company |name = Bankas Snoras AB |image = Snoras būstinė.jpg |image_caption = Snoras headquarters in Vilnius. |logo = AB bank SNORAS logo |type = Joint stock company ({{OMXBaltic|LT0000101925|SRS1L}}),({{OMXBaltic|LT0000127623|SRS2L}}) |foundation = 1992 in Šiauliai |founder = |defunct = November 24, 2011 |fate = Bankruptcy |location_city = Vilnius |location_country = Lithuania |location = |locations = |area_served = Lithuania, Latvia, Estonia |key_people = Vladimir Antonov<br/>(Main shareholder, Chairman of Supervisory board)<ref>[https://web.archive.org/web/20060211153428/http://www.snoras.com/en/about/management/council] Supervisory Board</ref><br/> Raimundas Baranauskas<br/>(Shareholder, Chairman of Board) |industry = Banking<br />Financial services |products = Finance and insurance<br />Consumer banking<br />Corporate banking<br />Mortgages<br />Credit cards |revenue = €394 million (2012)<ref>{{citation|title=Almost 60 million euros spent on Snoras bankruptcy administration |url=https://www.15min.lt/m/id/en/economy/almost-60-million-euros-spent-on-snoras-bankruptcy-administration-527-327204}}</ref> |net_income = |assets = |equity = |customer base = |num_employees = |subsid = |homepage = |footnotes = }} '''Bankas Snoras AB''' or simply '''SNORAS''' ({{OMXBaltic|LT0000101925|SRS1L}}, {{OMXBaltic|LT0000127623|SRS2L}}) was a commercial bank, founded in Lithuania operating in all three Baltic states. It was a member of the financial group Konversbank and was 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 had 4 billion litas (€1.16 billion) in debt.<ref>{{cite web|url=http://verslas.delfi.lt/business/valstybe-nacionalizavo-snora.d?id=51825919|title=Valstybė nacionalizavo "Snorą", bankas įtariamas nusikalstama veikla|first=Justina|last=Juršytė|publisher=}}</ref><ref>{{cite web|url=http://www.lb.lt/bankui_ab_bankas_snoras_paskirtas_laikinasis_administratorius_laikinai_taikomos_turto_apsaugos_priemones|title=Bankui AB bankas SNORAS paskirtas laikinasis administratorius, laikinai taikomos turto apsaugos priemonės|website=www.lb.lt|access-date=2011-11-16|archive-url=https://web.archive.org/web/20111119014006/http://lb.lt/bankui_ab_bankas_snoras_paskirtas_laikinasis_administratorius_laikinai_taikomos_turto_apsaugos_priemones|archive-date=2011-11-19|url-status=dead}}</ref>
==History== Bankas Snoras AB was founded 1992 as a regional bank of Šiauliai and renamed to its current name in 1993. It was recognised as the best bank in Lithuania in 2006 by financial publisher ''The Banker''.<ref>{{cite web |url=http://www.ibk.ru/bank/konversbank/bankas_snoras_priznan_luchshim_bankom_litvi_v_2006_godu-25728/ |title=/ Просмотр информаци о банке / Инвестиции Банки Консалтинг |accessdate=2010-10-30 |url-status=dead |archiveurl=https://web.archive.org/web/20120314111131/http://www.ibk.ru/bank/konversbank/bankas_snoras_priznan_luchshim_bankom_litvi_v_2006_godu-25728/ |archivedate=2012-03-14 }}</ref> 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.
== Shareholders == [[File:Snoras kiosk.jpg|thumb|left|Snoras kiosk in Jonava.]] Snoras was listed on the NASDAQ OMX Vilnius stock exchange. Major shareholders, holding more than 5% of the shares of the company were: * Vladimir Antonov – 67% * Raimondas Baranauskas – 25%
== Notable subsidiaries == Snoras has invested in a variety of business, most notable are: * Investment bank Finasta<ref>[https://web.archive.org/web/20060211152107/http://www.snoras.com/en/about/affiliates/siv] Affiliates of Snoras</ref> * Latvian bank Latvijas Krājbanka
== Bankruptcy == In 2011, November 16, by the decision of the Government of the Republic of Lithuania, the bank's activities were suspended, its managers were dismissed due to the possible default of the bank's credit obligations, and due to suspicions of non-transparent financial activities of the bank's managers. All the bank's shares were taken over by the state, the Bank of Lithuania temporarily appointed administrator Simon Freakley to coordinate the bank's activities.<ref>{{Cite web |date=2011-11-18 |title=Naujienos - Bankas SNORAS - Bankas SNORAS |url=http://www.snoras.com/lt/about/news?item=3384 |archive-url=https://web.archive.org/web/20111118214142/http://www.snoras.com/lt/about/news?item=3384 |archive-date=2011-11-18 |access-date=2022-10-26 }}</ref>
In 2011, November 24, the Bank of Lithuania applied to the court regarding the bankruptcy of AB bankas Snoras, on December 7. Bankruptcy proceedings have been filed against the bank. Neil Hunter Cooper took over as receiver.<ref>{{Cite web |title="Snorui" iškelta bankroto byla |url=https://www.delfi.lt/verslas/archive/snorui-iskelta-bankroto-byla.d?id=52633025 |access-date=2022-10-26 |website=DELFI |language=lt}}</ref>
In 2014, Snoro's bankruptcy administrator will complete the sale of Finasto. The loan portfolio, the bank's and real estate assets taken over from borrowers, both in Lithuania and abroad, are being sold. February 1, employment contracts with 134 bank employees were extended, another 4 employees were on paternity or pregnancy leave.<ref>{{Cite web |last=Čiulada |first=Paulius |title="Snoro" bankroto administratorius į banką per tris mėnesius sugrąžino 119 mln. Lt |url=https://www.vz.lt/archive/article/2014/4/9/snoro-bankroto-administratorius-i-banka-per-tris-menesius-sugrazino-119-mln-lt |access-date=2022-10-26 |website=vz.lt |language=lt}}</ref>
== Investment in car industry == [[Image:Paris - Mondial de l'automobile 2010 - Renault R30 - 002.JPG|thumb|left|Snoras logo on Renault F1]]
Snoras, in 2008, purchased 29.8% of shares of Dutch sports car manufacturer Spyker Cars. In the same year, Snoras sold the stake in Spyker Cars.<ref>[https://archive.wikiwix.com/cache/index2.php?url=http%3A%2F%2Fwww.snoras.com%2Fen%2Fabout%2Fnews%3Fitem%3D2169#federation=archive.wikiwix.com&tab=url] SNORAS sells its stake in Spyker</ref> In 2010, Snoras became sponsor of Renault F1 team.<ref>[https://web.archive.org/web/20100829081214/http://www.renaultf1.com/Renault-F1-Team-announces-SNORAS.html] Renault F1 announces SNORAS sponsorship</ref> {{Clear}}
==See also== * List of banks in Lithuania
== References == {{Reflist}}
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Category:Defunct banks of Lithuania Category:Companies based in Vilnius Category:Companies listed on Nasdaq Vilnius Category:Banks disestablished in 2011 Category:Banks established in 1992 Category:2011 disestablishments in Lithuania Category:Lithuanian companies established in 1992