Financial Services, Latvia, Markets and Companies

The press conference, with the title "World's second largest corporation General Electric's bank GE Money Bank to start conquering Latvia's banking market" will take place at 11 a.m. at the GE Money Bank central office in Riga, on 3, 13. Janvara street.

The press conference will inform about General Electric company's vision on Latvia's development, about GE Money dgrowth strategy and activity worldwide, about reorganization of GE Money enterprises in Latvia, formation of the GE Money Bank and its plans in Latvia and the Baltic States.

Head of the GE Money enterprises group in Latvia Dmitrijs Cimbers, GE Money management and the representative from the GE Money Central and Eastern Europe department will meet with the press representatives.

As reported, yesterday the BTB shareholders meeting adopted amendments in the statutes of the bank and changed bank's name to'GE Money bank.

As reported, last year the net profit of the BTB reached EUR 4.3 million (LVL 3.01 million), which is by 6% more than in 2006.

Last year the volume of BTB deposits grew by 32% or EUR 80 million (LVL 56 million). Private deposits make up 34% of the total deposits of the bank, deposits of financial institutions: 32%, deposits of other enterprises: 34%.

At the present moment one of the six business units of the U.S. corporation General Electric – GE Money owns 99.6% of the BTB shares and 100% of company's GE Money shares.