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EUR 7 mln invested in Latvia`s Industra Bank's capital

BC, Riga, 10.03.2020.Print version
Latvia's Industrial Bank (formerly Meridian Trade Bank) has raised EUR 7 mln worth of capital, LETA was told at the bank.

Two investors have provided the money to Industra Bank's capital - J.A. Investment Holding, which is owned by the bank's chairman Jurijs Adamovics, and HPI 2, a company owned by Andis Klavins and Ralfs Klavins. J.A. Investment Holding has invested 64% and HPI 2 36% of the total amount. 

Industra Bank said that the investment made in the bank's capital is the first step in the bank's capital boosting plan, which will enable Industrial Bank to implement its business strategy focusing on lending to Latvia's small and medium-sized enterprises (SME). 

"A strong capital base will serve as a basis for implementing our business model. In the first half of this year, we are planning to consistently strengthen the bank's capital. Industrial Bank's ambition is to become a "bank of first choice" for Latvia's SMEs in the medium term," said Adamovics. 

Andis Klavins indicated that the decision to invest in Industra Bank was taken because there was a free niche in the market for a "local-capital bank for local businesses". 

As reported, Meridian Trade Bank changed its name to Industra Bank (Industra) at the end of January 2020. 

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 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. 

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