AB Siauliu Bankas (NSEL:SAB1L) announces a share repurchase program. Under the program, the company will repurchase up to 13,745,114 shares, for a total of ?11.5 million. The purpose of the program is to increase shareholder value and to exercise options for the bank's employees.

Out of the repurchased shares up to 12,000,000 shares for no more than ?10 million will be used to reduce the bank?s capital by cancelling the shares acquired by the bank, within one year from the receipt of permission; and up to 1,745,114 shares for no more than ?1.5 million will be used to grant shares to employees as part of the deferred variable remuneration in 2025. The program is subject to the approval of European Central Bank.