Algirdas Butkus resigns as Managing Board member

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Algirdas Butkus resigns as Managing Board member

18 August is the last day of Algirdas Butkus term of office as a member of the Management Board and as a Deputy to the CEO of the Bank. 30 September is the last day of Ilona Baranauskien's term of office as a member of the Management Board and head of the Legal and Administration Division of the Bank.

At the Bank's Management Board meeting held on August 4, Vytautas Sinius was elected Chairman of the Bank's Management Board and will take over his duties as Chairman of the Bank's Management Board from August 19th.

I have been involved in the development, challenges and achievements of the iauli bank since its foundation. With the changing shareholder structure, I believe that it is time for a change, and I have decided that now is the right time for a long-planned withdrawal, as the Bank celebrates its 30th anniversary. I welcome the decision of the Management Board to appoint Sinius to the position of Management Board Chairman, and I have no doubt that the synergy of our colleagues experience and new ideas will be the next stage of the Bank's sustainable growth and development, bringing maximum value to clients and investors, said Algirdas Butkus.

At the Bank's Supervisory Council meeting on August 4, Valdas Vitkauskas was elected Chairman of the Bank's Supervisory Council, replacing Arvydas Salda, who had been a member of the Supervisory Council and Chairman of the Supervisory Council until August 4th, and who had announced his resignation on June 9th. The meeting also reviewed and reconstituted the composition of the committees of the Bank's Supervisory Council in 2022 due to changes in the members of the Bank's Supervisory Council. The 2 newly elected members of the Supervisory Council, T. Okmanas and M. Raila, will be able to take up their duties at the Bank subject to permission from the Bank's supervisory authority.

On behalf of the entire Bank, we thank the members of the Management Board for their invaluable contribution to the development of iauli Bankas and their leadership at different stages of its development. Together with the renewed Supervisory Council, we continue to work confidently and, as per usual, inform the Bank s Management Board in a separate notice in accordance with the procedure established by law, said Vytautas Sinius.