Banks, Financial Services, Good for Business, Latvia, Quality of life, Transport

According to experts, the industry of super yachts is resistant enough to evolve in the turbulent market conditions in all its key sectors - brokerage, charter and construction. According to data of the British edition of Boat International on the state of the yacht industry, as of the end of 2016 the number of orders for new ships and reconstruction of the existing ones has reached 755, which is the record figure for the past seven years. 

Primacy in this business has been retained by Italian manufacturers, which account for one third of the total market share. Benetti Shipyard is from Tuscany. In 2015, the company built 11 yachts and 7 mega yachts, exceeding 50 metres in length. The second and third places volume-wise are occupied respectively by the Netherlands and Turkey. 

Rietumu Bank, during the past years, has been providing its clients in Latvia and other countries with financing of deals with such luxury assets like yachts and private aircraft, both for businesses and for private purposes. As well as loans secured by luxury asset available with the client. 

As the Head of the Transport Financing Department of Rietumu Bank Vladimir Burkhanov notes, “Rietumu Bank provides banking services that are of interest to its clients and accompany their businesses. When examining the scope of interests of our clients, we offer currently up-to-date and future-oriented services. With regard to financing of luxury assets, we were among the first in the region to announce the possibility of providing such services. For many persons, such service is still nonstandard and challenging, but we are ready to carry out these tasks in accordance with the needs of our customers. In recent years, we regularly inform about successful transactions on financing and refinancing of business jets, aircraft, motor and sailing yachts.” 

According to Rietumu Bank, the Benetti mega yacht refinancing deal has been successful, including due to the highest quality of its production and demand in the secondary market. 

Benetti Shipyard is considered to be a patriarch of Italian shipbuilding; it was founded in 1873 and nowadays produces super yachts with a length of 30-90 m of fibreglass and aluminium. In 2015 and 2016, the company received awards at various professional contests. 

Rietumu Bank specialises in servicing of corporate customers conducting international businesses, as well as high net worth individuals. Its representative offices are open in Russia, Belarus, Ukraine, Romania and Kazakhstan.