Home money Baltic International Bank raises 12 million euros in share capital :: Dienas Bizness

Baltic International Bank raises 12 million euros in share capital :: Dienas Bizness

by drbyos

Baltic International Bank SE has attracted three new shareholders through a share issue announced on October 8 this year: foreign investors from Switzerland and the United Arab Emirates (UAE).

As a result of the transaction, 12 million euros have been attracted to the Bank’s share capital.

As part of the share issue, Baltic International Bank SE issued new shares. All issued new shares have been paid. After the registration of the issue in the Register of Enterprises, the new paid-up share capital of the bank will amount to more than 48 million euros. In cooperation with the Financial and Capital Market Commission (FCMC), the increased capital is being included in the bank’s regulations. After registering the issue in the Company Register, the bank will provide a more detailed notice.

Viktors Bolbats, Baltic International Bank Commenting on the transaction, the Chairman of the Management Board states: “The issue of the Bank’s shares and the attraction of foreign investors is a rare and special event in the Latvian banking sector. It confirms investors’ confidence in the prospects of the financial services market, the high appreciation of Baltic International Bank’s work to date, as well as provides an opportunity to work in new regions and develop financial services in target markets. Latvian banks participate in the single European market, compete and develop. It is important that at a time when the Latvian economy is facing various challenges due to the pandemic, the attracted foreign capital gives an important signal about the interest of foreign investors in Latvia and Latvian companies as potentially competitive in the world. The capital attracted to the bank provides an opportunity to support business development both in Latvia and abroad. We are pleased that the new shareholders have joined the Bank’s owners ”

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“The unique combination of investor geographies, uniting Swiss and UAE investors with the founders of a local capital bank, gives local Latvian shareholders the opportunity to combine experience and agree on a vision for the bank’s further development as a strong player in the Latvian, Baltic and European banking industry. The accession of new shareholders is a strong addition not only to the bank’s capital base, but also to growth and business opportunities, ”says Valērijs Belokoņs, Chairman of the Supervisory Board, Shareholder and Founder of Baltic International Bank.

The Bank’s current shareholders Valērijs Belokoņs and Vilorijs Belokoņs retain the status of the majority shareholder even after the transaction.

At the end of last year, Baltic International Bank was the 11th largest bank in Latvia in terms of assets. The Bank’s largest shareholders are Valērijs Belokoņs (62.08%) and Vilorijs Belokoņs (32.99%).

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