In order to mitigate the effects of banking crisis faced by Lithuania in 1995 ,the Seimas of the Republic of Lithuania and the Government of the Republic of Lithuania on 4 June, 1996 adopted a Law on reorganisation of ”Aurabankas“, on the basis of which the aforesaid commercial bank was reorganised into a non-performing assets management company, namely, the Joint Stock Company AB “Turto bankas”. On 22 August, 1996, the Seimas of the Republic of Lithuania ratified the Articles of Association of AB “Turto bankas”. On February 9, 2011, the Government of the Republic of Lithuania adopted the Resolution No. 149, according to which AB ”Turto bankas“ was reorganised into the state enterprise ”Turto bankas“. All functions of SE ”Turto bankas“ were delegated under separate laws and Government resolutions that clearly determined the rights, obligations and operational restrictions while executing specific functions of SE ”Turto bankas”.
In order to centralise management of the state-owned real estate reorganised State enterprise “Valstybės turto fondas” (State Property Fund) was merged with SE ”Turto bankas“ on 1 October 2014, which continued operations under the same name after the reorganisation and took over all assets, rights and obligations of SE ”Valstybės turto fondas”.