September 10

In 9 September, 2009, The Board of the Bank of Lithuania gave a permission to Medicinos bankas, to involve 10 million euros (correspond to 34,528 million LTL) subordinated loan into the bank‘s Tier II capital. The bank received this loan from the bank‘s shareholder Saulius Karosas in 17 June, 2008. The term of the loan was extended for the next three years until 1 June, 2016, by the amendment of subordinated loan contract dated 16.08.2010 (initial repayment period of this loan was set until 1 June, 2013).

Extended contract of subordinated loan further strengthens the bank‘s capital base which will guarantee long-term stability of bank‘s activity and will let ensure the fulfilment of other prudental requirements in the future.

Medicinos bankas used to perform and is still performing all prudental requirements set by the Bank of Lithuania.

June 2009

Medicinos Bankas UAB earned 1.82 million Litas in non-audited net profit in the first six-month period of this year. The assets of the Bank amounted to 766.45 million Litas as on 30 June 2009.

‘During the first half of the year, commission incomes from customers’ transactions, currency exchange and payment acceptance increased, and the assets and loan portfolio of the Bank went up,’ says Kęstutis Olšauskas, the Head of the Administration of Medicinos Bankas.

 The Bank’s loan portfolio amounted to 495.17 million Litas on 30 June 2009, compared to 474.418 million Litas at the beginning of the year.

Medicinos Bankas won tenders for the provision of aid to small-sized businesses announced by the Ministry of Economy and Investicijų Ir Verslo Garantijos UAB (INVEGA).

In early July, the Bank signed an agreement with INVEGA and acquired the right to grant loans with the use of the funds of the Open Credit Fund (OCF), which has accumulated 100 million Litas.

May 2009

Medicinos Bankas has won the tender “Granting of Micro Credits – Stage 2”, announced by the Ministry of Economy and Investicijų ir Verslo Garantijos UAB (INVEGA), and has become one of the four banks through which micro, small and medium-sized companies will be granted LTL 100 million in loans.

A total of LTL 19.5 million will be allocated for small credits granted by Medicinos Bankas; additionally, the Bank will invest 3 per cent of its own funds in this programme.
Micro, small and medium-sized companies will receive loans of up to LTL 350 thousand to finance their investments and/or working capital.  Only one small credit may be granted to one recipient within a 12-month period. The Bank’s margin will not exceed 2.2 per cent.
 

April 2009

Medicinos Bankas has won the tender of the Ministry of Economy and Investicijos ir Verslo Garantijos UAB (INVEGA) for allocating a part of the Lithuanian state budget assignations to crediting small business. 

Up to LTL 120 million in total should be allocated for the support of micro-crediting. In accordance with the order of the Minister of Economy, up to LTL 2 million will be allocated for small credits granted by Medicinos Bankas. The bank will have to credit these funds to the business within 10 weeks from the date of signing an agreement with the Ministry of Economy and INVEGA.

February 2008

International ratings agency Fitch Ratings provided long-term borrowing rating B with stable perspective for the Medicinos Bankas.

The rating was also provided to short-term borrowing of the bank. Such international evaluation is very important for the bank as financial institution. The provided rating helps assessing available reserves for improvement and expansion and planning further activities.
 

August 2006

Medicinos Bankas together with the Ministry of Economy and UAB "Investicijų ir verslo garantijos" (INVEGA) signed a tripartite agreement on provision of microcredits to micro, small and medium enterprises. Under the agreement, the bank has received from the Ministry of Economy a target loan of 8.3 million LTL, to be used for development of small and medium business in Lithuania.

March 2006

Medicinos Bankas signed a five million euros loan agreement for a period of five years with German bank KfW Bankengruppe (KfW) according to EU Preparatory Action Programme, intended to support micro, small and medium enterprises.

October 2005

Medicinos Bankas became an associated member of the Association of Lithuanian Banks (LBA). The goal of the LBA is to cooperate with members of the association for identification of problems hindering development of banking in the country, achievement of their positive solution, representation of interests of association members and defence of common positions in state authorities and organisations, when decisions are made with possible influence on banking business in the country.

June 2005

Medicinos Bankas joined the international initiative Global Compact (GC). The goal of the GC is to encourage companies to act responsibly: avoid damage to environment, communities and other businesses, and using joint efforts with United Nations, state authorities and non-governmental organisations to participate in solving social and environmental problems and contributing to public development and economic growth.

May 2004

Agreement was signed with Lithuanian National Road Carriers’ Association Linava on issue of guarantees to the bank to secure repayment of loans.

December 2003

Agreement was signed with Investicijų ir Verslo Garantijos UAB (INVEGA) on issue of guarantees to the bank to secure repayment of loans. The bank has provided loans for investments or current assets, as necessary for business development. Economic entities receive guarantees according to Law on Small and Medium Business and Regulations of Issue of Guarantees.

November 2003

Agreement was signed with Žemės Ūkio Paskolų Garantijų Fondas UAB on issue of guarantees to the Medicinos Bankas to secure repayment of credits. The guarantees are provided to farmers, companies processing agricultural products, other small and medium businesses operating in rural areas. The credits provided by the bank are necessary for investments or current assets.

September 2003

Secondary company Medicinos Banko Investicijų Valdymas UAB was established; previously it controlled State social insurance contribution share in funded pension funds Pension 1 and Pension 2. The pension funds differ in their investment object and risk.

January 2003

Medicinos Bankas became a member of the Lithuanian Business Employers’ Confederation (LVDK). The Lithuanian Business Employers’ Confederation (LVDK) is a non-governmental and non-profit organisation. The goal of the Confederation is to strive for favourable economic, legislative, social and ethic environment for development of business.

July 2001

Medicinos Bankas became a member of the Association of Lithuanian Chambers of Commerce, Industry and Crafts (LPPARA). The goal of the LPPARA is to promote development of trade, industry, construction, transport, communications, crafts and other economic sectors.

June 2000

Medicinos Bankas became a member of the SWIFT (Society of Worldwide Interbank Financial Telecommunications) organisation. The Society of Worldwide Interbank Financial Telecommunications was established in Brussels, in 1973. SWIFT is a notification system encouraging circulation of payment orders among its members (banks). The system is operated by consortium, consisting of approx. 1700 banks located in more than 80 countries.

November 1997

Medicinos Bankas became a shareholder and member of Vilnius Stock Exchange (VVPB). VVPB is the only regulated stock exchange operator in Lithuania, providing services of securities trade, listing and information.

December 1996

Medicinos Banko Lizingas UAB was established in Vilnius. The company is a subsidiary of Medicinos Bankas, providing leasing (financial lease) services to natural and legal persons.

November 1992

Medicinos Bankas UAB was established in Vilnius on 24 November 1992. The principal office of the bank, from 14 August 1995, is located in Pamėnkalnio Street 40, Vilnius. Medicinos Bankas UAB is a private limited liability company, holding a licence from the Bank of Lithuania to engage in banking activities.