Banks, EU – Baltic States, Financial Services, Latvia

DnB NOR bank has also repaid subordinated loans of EUR 77 million (LVL 54.1 million) to Danish DnB Nord bank and DnB NOR bank, reports LETA.

The bank's president Andris Ozolins said that the bank's shareholder – Norwegian financial group DnB NOR – believes that Baltic States have better development opportunities than most of the European countries, and the increase of tier 1 capital shows the bank shareholder's long-term strategic determination to develop and expand the bank's activities in this region.

As reported, DnB NOR acquired all DnB Nord group's shares last year, and the bank's brand and name will be changed to DnB this November to ensure better integration of the group's banks.

DnB Nord group in Latvia consists of DnB Nord banka and its subsidiaries – leasing company DnB Nord lizings, investment management company DnB Nord fondi, and the company established for construction of the bank's new office building, "Skanstes 12".

According to data from the Latvian Commercial Bank Association, DnB Nord banka's market share in the banking sector's total assets was 8.5% in the second quarter of 2011, placing it in 4th place among 30 banks in Latvia.

In the 2010 survey of 101 most valuable Latvian enterprises, DnB Nord banka was ranked 16th, with a value of LVL 102.16 million.