Banks, Financial Services, Good for Business, Investments, Latvia
International Internet Magazine. Baltic States news & analytics
Sunday, 15.12.2024, 00:08
EUR 7 mln invested in Latvia`s Industra Bank's capital
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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