Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 06.06.2020, 02:02

ABLV Bank’s assets down by 32.8% by early March

BC, Riga, 13.03.2018.Print version
Assets of Latvia’s ABLV Bank whose shareholders have announced on voluntary liquidation of the bank, stood at EUR 2.476 billion on March 2, or by 32.8% less than at the end of last year, while the bank’s liquidity has reached 98.05%, according to the bank’s statement to the Nasdaq Riga stock exchange, cites LETA.

The bank’s assets on December 31, 2017, were EUR 3.685 billion, down 4.3% or EUR 164.195 million from the end of 2016.

ABLV Bank’s representative Arturs Eglitis told LETA that the bank’s liquidity ratio on March 2 was 98.05% with the minimum requirement of 55%. At the end of last year the bank’s liquidity ratio was 81.05%.

The bank’s capital adequacy ratio in early March was 21.4% with the minimum requirement of 13.75%.

In early March the bank had attracted EUR 1.651 billion in deposits, down 38.4% from late 2017. The bank’s loan portfolio reached EUR 942,027, down 5.6% from December 31, 2017.

ABLV Bank’s capital and reserves in early March stood at EUR 355.041 million, down 0.5% from late 2017.

As reported, shareholders of ABLV Bank at an extraordinary meeting on February 26 made a decision to start the liquidation process in order to protect interests of its clients and creditors. ABLV Bank believes that in this way it will be possible to ensure active protection of its customers, the bank said in a statement.

The Latvian financial regulator, the Finance and Capital Market Commission, acting on the instructions from the European Central Bank (ECB), has ordered ABLV Bank to stop all payments as of February 19 following a report by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury about ABLV Bank's involvement in international money laundering schemes and corruption. On February 24, the Finance and Capital Market Commission made a decision on occurrence of unavailability of deposits at ABLV Bank.

At the end of September 2017, ABLV Bank was the third largest bank in Latvia by assets. The bank's majority shareholders Olegs Fils, Ernests Bernis and Nika Berne own, directly and indirectly, 87.03% of the bank's share capital.

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