An equity investment of up to the equivalent of US$ 6 million, representing approximately 22 per cent of A/S Rigas Kommercbanka's ordinary share capital.
The principal objectives of the project are to:
- improve RKB's capitalisation;
- enhance competition in the Latvian banking market;
contribute to RKB's corporate governance;
enable RKB to meet Bank of Latvia prudential requirements.
As the third largest bank in Latvia, RKB plays an important role within the country's banking system, and acts as a financial intermediary for the enterprise sector. The project will strengthen RKB's capital base and enable it to serve its corporate clients more effectively.
Rigas Kommercbanka (RKB), founded in 1989, is 100 per cent privately owned. The client's objective is to continue its development as a full-service corporate bank catering for the growing private enterprise sector in Latvia.
An equity investment in 3 million newly issued ordinary shares, representing approximately 22 per cent of RKB's ordinary share capital. The EBRD's investment will not exceed the equivalent of US$ 6 million.
Up to the equivalent of US$ 6 million (ECU 4.76 million), all of which will be financed by the EBRD.
C/0: The project does not require an environmental assessment or an environmental audit. RKB will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks, which provide for the integration of environmental due diligence in such banks, credit and investment appraisal processes and a requirement that borrowers comply with national and local health and safety and environmental regulations and standards. RKB will submit annual environmental reports to the EBRD.
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