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SNORAS group will acquire 29.8 % of shares belonging to Spyker Cars N.V., the Dutch manufacturer of exclusive premium sports cars
On 21 December 2007 Bankas SNORAS group concluded an agreement with Spyker Cars N.V., the manufacturer of exclusive premium sports cars. Under this agreement, the subsidiary company of Bankas SNORAS, Snoras asset management, will acquire 29.8 % of Spyker Cars N.V. shares, having fulfilled all obligations of the parties provided in the agreement until the end of January 2008.

According to the transaction made today, the investments of bank SNORAS group will be used to reinforce working capital and to produce two new car models of Spyker Cars N.V. Bank SNORAS group will invest in the new issue of the cars manufacturer‘s shares.

„This transaction will expand bank SNORAS business opportunities and geographical range. We strongly believe that Spyker Cars N.V. company can significantly increase its production and, being an innovative and sustainable manufacturer of exclusive premium cars, establish itself as a leader in the premium cars market.  We are looking forward to a long-term beneficial cooperation with Spyker Cars N.V. company in the development of which we foresee a plenty of opportunities", - maintains president of Bankas SNORAS Raimondas Baranauskas.

„According to Spyker Cars N.V. chief executive officer Victor R. Muller,  strategic views of bank SNORAS group on how Spyker should develop and this partner‘s long-term intentions are in line with the vision and plans of the  Spyker Cars N.V. management, therefore, this transaction will reinforce positions of the cars manufacturer.

„Through a new shareholder Bankas SNORAS group, we will be able to start a totally new phase in the development of Spyker Cars N.V. company. We will have a strong introduction to various markets, among them - participating in famous Peking-to-Paris classic car rally as well. We hope that this cooperation will give a new breath to the Spyker Cars N.V. company and its goods", - states V. R. Muller.

After bank SNORAS group has acquired the shares of Spyker Cars N.V., the structure of the board and the supervisory board of the Dutch cars manufacturer will change. Vladimir Antonov, chairman of the supervisory board of Bankas SNORAS, will become the chairman of the Spyker Cars N.V. supervisory board.

Spyker Cars, the manufacturer of luxurious sports cars, was founded back in 1880, and in 1914, when this company merged with the Dutch Aircraft Factory N.V., Spyker Cars N.V. company was established. The manufacturing experience of sports cars and airplanes, which was inherited from two different companies, resulted in Spyker automobiles whose design is heavily influenced by airplanes and specific aerodynamic features.

While following the old traditions, in Spyker cars manufacturing, enormous attention is devoted to hand-craftsmanship, and special bespoke materials are used for the car production. Spyker Cars N.V. automobiles are designed for those people who want to purchase the top class vehicle that meets their individual requirements. In 1898, Spyker manufactured the legendary Golden Carriage automobile which is used by the Queen of the Netherlands even nowadays.

The Dutch company Spyker Cars N.V. participates in various professional races, including Formula-1, 24-hour Le Mans races, and other. Spyker Cars N.V. company continually utilizes the experience derived from the professional car sport while perfecting the manufactured automobiles.

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