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[SPC in deals] Advising credit union “Magnus” in relocation of credit union from Panevėžys to Vilnius

2018.11.20

Our team advised Credit union “Magnus” (former name Credit union “Panevėžio region taupomoji kasa”) in relocation of credit union from Panevėžys to Vilnius. The activities of credit union are mandatorily restricted to the territory where the credit union is established, therefore the relocation of such credit institution is fairly rare phenomenon in the credit union sector. For this reason, whole process of relocation lasted almost one year (was started in the beginning of the year 2018) and required not only the preparation of relevant documents (corporate decisions, applications for Lithuanian Central Bank, internal documents solving issues related to transitory period, etc.), but also intensive coordination of various practical issues and solution of problematic legal topics arising from this rather rare process.

Our services: structuring the relocation of credit union, drafting the legal documents, coordination of process.
Deal value: N/A.
Team involved: Giedrius Murauskas, Jonas Povilionis.