TARK successfully liquidated SNORAS Bank Estonian branch


TARK advised AB Bank SNORAS in closing bank`s local business in Estonia and in finalizing the liquidation proceeding of AB Bank SNORAS Estonian branch.

AB Bank SNORAS Estonian branch was founded in 2008. The Estonian branch liquidation proceeding was initiated in 2011 due to the bankruptcy of AB Bank SNORAS. Deletion of AB Bank SNORAS Estonian branch from the Commercial Register of Estonia was executed in the end of August, 2016.

AB Bank SNORAS, founded in 1992 in Lithuania, was a commercial bank that operated 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.

TARK´s experts involved in the liquidation process were partner Allar Aru and senior associate Tanel Küün.