Pekao S.A. makes first foreign bid for Lithuanian bank

Poland's largest bank, Pekao S.A. made its first major move outside its domestic market by making the sole bid with its majority owner UniCredito Italiano for Lithuania's Agricultural Bank. "Agricultural Bank has a chance, with our help, to become in a short period of time, the major player on the Lithuanian market," said Pekao chief executive Maria Wisniewska. Wisniewska says Pekao intends to buy 76.1% of Agricultural Bank shares and it has already begun negotiating a price. Agricultural Bank is Lithuania's third largest bank with assets of $385 million. (Reuters)