Šiauliu Bankas established a special purpose vehicle to finance multi-apartment buildings modernisation

21 February 2024, a second special purpose subsidiary of Šiauliu Bankas was established – UAB SB Modernization Fund 2, legal entity code 306682354, registered office address: Tilžes st.149, Šiauliai, 76348.

The purpose of SB Modernization Fund 2 is to manage the second fund of EUR 200 million to be established for the financing of multi-apartment building renovation projects, in accordance with the amendment to the operating agreement concluded between Šiauliu Bankas and the European Investment Bank, which was announced on 14 February 2024. The fund is expected to finance about 300 renovation projects in Lithuania.

The objective of the unique modernisation fund is to attract private and institutional investors to finance energy efficiency projects for multi-apartment buildings in Lithuania.

Šiauliu bankas, the country's leading multi-apartment building financier, is the founder of the fund
and administrator of the renovation loans, while SB Modernization Fund 2 is the legal manager.
The Bank will announce about the commencement of the Fund's activities by a separate notification.

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt