Finasta Group

It was in 1998 that Invalda entered the finance sector it acquired at that time a small-scale financial brokerage firm Finasta with 10 employees and the annual turnover of EUR 1.1 million. Within several next years Finasta was steadily expanding the spectrum of its investment services, acquired several smaller firms operating in the finance sector - such as Mifonda, Apyvarta, Klaipedos Vertybiniai Popieriai, Finansu Spektras, and Sinkus, and turned into the major non-banking financial brokerage firm in Lithuania.

After the pension system reform was started, in 2003 Invalda incorporated an asset management company Finasta Investiciju Valdymas that within the next several years became a leader in terms of the number of investment fund participants. As part of the market consolidation process two pension funds - Medicinos Banko Investiciju Valdymas and PZU Gyvybes Draudimas, were acquired.

While expanding its activities Finasta decided to seek a banking operating license; Finasta bank providing investment and private banking services was incorporated in 2008. Finasta bank was the first Lithuanian capital bank incorporated in Lithuania within the past decade. Further, the company was expanding its business in the Latvian and the Ukrainian markets (from which the company withdrew in view of the changes in the situation in the Ukraine), and in 2009 the whole business was sold at a profit.

In 2009 Finasta Group was sold to Snoras Bank Group for EUR 13.25 million.