The MDM Bank co-owner Igor Kim has bought his subsidiary bank LTB in Latvia. This deal may be followed by Kim’s withdrawal from MDM capital, reports Vedomosti.
Latvian Trade Bank’s (LTB) assets are 15 times lower than MDM Bank’s and make about Rub 25.8 bln. The present LTB management board chairman Steinbergs thinks that currently the bank is a very alluring asset. “This is one of the few Latvian banks that reported profit in 2010 and 2009,” he said.
LTB has always developed on an autonomous basis, reminds a former MDM Bank executive adding “initially the bank dealt with customers engaged in tolling, and also made settlements, until now large holdings have held balances at the bank, but since then the Latvian legislation has changed drastically, so today this is a small profitable and clean bank”.
AS LTB Bank is one of the oldest banks in Latvia. The Bank obtained its banking license from the Bank of Latvia on December 04, 1991.
Author: Irina Fomina