Banks, Financial Services, Good for Business, Latvia, Real Estate

The company’s reorganization, which took place over the past year, saw the creation of a real estate company, investing in third parties’ commercial properties. The name change has been registered on Tuesday, December 27.

The New Hanza Capital brand was also launched along with the renaming.

New Hanza Capital CEO Andris Kovalcuks explained that the launch of the new company name and brand is completing the reorganization process, which will allow the company to attain its business goals in the future.

“The new visual image is entirely consistent with the essence of our business - a stable enterprise with a well-planned investment strategy. Thanks to the good capitalization, we can make long-term investments with a long-term perspective and vision, concentrating on the development of stable long-term values,” Kovalcuks said, adding that the company intends to raise additional financing by issuing debt securities.

At present, New Hanza Capital’s portfolio comprises office buildings, including the head office of airBaltic carrier at Riga International Airport, commercial premises and a logistics center in Kekava region.

New Hanza Capital plans to invest in cities like Riga, Munich, Hamburg and Luxembourg, among others.

As reported, in May 2016 Pillar Investment Group acquired the new head office building of airBaltic carrier from distressed asset manager Reverta (formerly Parex Bank) for EUR 6.19 million.

The Pillar Group, established in 2008, comprises Pillar Management, Pillar Holding Company, New Hanza City and other enterprises.

ABLV Bank is Latvia’s second largest bank by assets. The bank's major shareholders - Olegs Fils, Ernests Bernis and Nika Berne - directly and indirectly hold 86.55 percent of the bank's voting share capital.