Latvian Bank Account

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AS ‘Latvijas Biznesa banka’ was established in 1992 in the Republic of Latvia. 99.97 percent of its shares are held by one of the leaders of Russian banking industry, Joint Stock Company ‘Moscow Municipal Bank — Bank of Moscow’. AS ‘Latvijas Biznesa banka’ has a daughter company in Estonia — it is the owner of 89.28 per cent of ‘Eesti Krediidipank’ share capital. ‘Eesti Krediidipank’ is a stable financial institution servicing clients all over Estonia.

Products offered by AS ‘Latvijas Biznesa banka’ provide a complete support for its clients activities in the Baltic countries and on the territory of Russia/CIS countries.

In 2009 and in the first half of 2010, the activities of AS ‘Latvijas Biznesa banka’ have been influenced by the global economic crisis. In the first half of this year, the assets of JSC AS ‘Latvijas Biznesa banka’ and JSC ‘Eesti Krediidipank’ Group decreased by 12,4 percent, deposits — by 16,7 percent, credit portfolio — by 3,9 percent.

During the reported period JSC AS ‘Latvijas Biznesa banka’ and JSC ‘Eesti Krediidipank’ Group’s (hereinafter — the Group) assets decreased by 12,4%, deposits — by 16,7%, credit portfolio — by 3,9%. As a result of creation of provisions for loans the Group’s losses in the first half of 2010 amounted to 2,8 mln. Latvian lats. However, its main shareholder OJSC ‘Bank of Moscow’ provides support to the Group.