Banks, Financial Services, Latvia
International Internet Magazine. Baltic States news & analytics
Saturday, 20.04.2024, 02:43
Latvia's ABLV Bank posts EUR 51.209 mln in 2017 profit
The bank's assets as at December 31, 2017, stood at EUR
3.685 bln, down 4.3% or EUR 164.195 mln from late 2016.
At the end of December the bank had attracted EUR 2.68
billion in deposits, down 7.6% from late 2016, while the bank's loan portfolio
was EUR 997.45 mln, down 0.4%.
ABLV Bank's capital and reserves at the end of last year
reached EUR 356.98 mln.
As reported, shareholders of ABLV Bank at an extraordinary
meeting on Monday 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.
LETA also reported that 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.