In October 2006, during an internet conference on the news portal Delfi.lt Vladimir Romanov announced his plans of selling his shares to the strategic investor.

[5][6][7] Reported by Organized Crime and Corruption Reporting Project (OCCRP) as the Russian Laundering Machine on 22 November 2011,[8] Ūkio bankas[9] used stolen Hermitage Capital Management subsidiaries[10][a] HSBC Guernsey Ltd,[b] OOO Rilend, OOO Parfenion, and OOO Markhaon[c] to finance through Bristoll, Nomirex and Tormex, Al-Shabaab's Russian weapons built by Ukraine and pro Kremlin South Sudan militants weapons transfers from Ukraine.

[19][20] Arnis Lagzdins was the compliance official at Ukio Bankas during the money laundering and had previously held the same position at Parex Bank in Latvia when very large sums were money laundered allegedly through Parex Bank and its sister firm Overseas Services by Vladimir Putin, Yuri Chaika, and the Russian Mafia including the Tambovskaya Organized Crime Group which looted various governments according to Spanish prosecutors.

[19][21][22][23] In February 2013, the bank was revealed to have poor asset quality, weak risk management and lack of proper operating data.

[24] Ukio was removed from the Lithuanian stock exchange later that month,[25] with many of its assets and liabilities transferred to Šiaulių bankas.