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. Last Updated: 07/27/2016

Bank Nationalization

VILNIUS () -- Lithuania said Tuesday said it intended to nationalize troubled Innovation Bank, rejecting the bank's own plans to restructure and start operations again.

A government spokesman said that under state control, the government would provide new capital for the bank and find a merger partner for it.

The halting of Innovation Bank's activities, followed swiftly by that of another top bank, Litimpeks, sparked a banking crisis in Lithuania late last year.