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International Internet Magazine. Baltic States news & analytics Saturday, 21.04.2018, 16:32

Latvia’s ABLV Bank establishes subsidiary ABLV Building Complex

BC, Riga, 12.12.2016.Print version
Latvia’s ABLV Bank has established a new subsidiary, ABLV Building Complex, that will be an ordering party in the construction project of ABLV Bank headquarters, a group of buildings to be located on the territory of New Hanza City business and recreation centre, the bank said in its statement to the Nasdaq Riga stock exchange.

The registered and paid up share capital of the new company amounts to EUR 8,500,000, and its sole owner is ABLV Bank.

Ernests Bernis is appointed as the chairman of the board, while Girts Granats, Armands Rozenbahs and Guntars Cauna are appointed as the members of the board.

The company was registered on December 9.

As it was previously announced, on July 4, 2016, New Hanza City infrastructure construction was launched, which includes the construction of the major streets and utilities, including the water supply system, sewage system, heat supply system and electric power supply system. It is anticipated to complete the works by summer 2017.

Upon the completion of the utilities, in the second quarter of 2017 it is planned to start the construction of ABLV Bank headquarters.

Latvia’s ABLV Bank in the first nine months of this year earned EUR 61.357 mln in profit, which is by 1.7% more than in the respective period last year.

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.

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