Banks, Financial Services, Latvia

The bank representatives reported that the new name reflects a change in the bank’s business strategy, following which the bank will be further on focusing on the cooperation with small and middle-sized companies in Latvia and other Baltic states and on the provision of services necessary for a successful business development to these companies.

The brand Industra is planned to be phased in gradually over the year and customers of the bank are not required to perform any additional actions. 

Jurijs Adamovics, chairman of the council of the joint stock company Industra Bank, said that, along with changing and streamlining the bank's business model, work on strengthening the bank's first-tier capital is also currently in its final stage.

At the same time, the bank confirms that negotiations with potential investors are ongoing. The Neka personiga program on Latvian TV3 previously reported that former politicians and businessmen Andris Skele and Ainars Slesers want to become bankers and are negotiating the purchase of ex-Meridian Trade Bank, now Industra.

“At present, the bank cannot provide more specific information until the transaction is concluded with potential bank investors. We will be able to announce the names of new investors after all conciliation procedures have been completed, ”the bank told news portal Delfi.

The changes in the bank’s name were registered in the Register of Enterprises on January 22.

Industra bank was established in 1994. Initially its name was Multibanka, then it was renamed to SMP Bank, and later to Meridian Trade Bank.

The bank was the 13th largest bank in Latvia by assets at the end of September 2019.