OREANDA-NEWS. September 21, 2010. The Shareholders’ Meeting of Baltic International Bank has approved the decision to increase the share capital by 5.25 million lats through a new-share issue. Following the transaction, the share capital will total 20.77 million lats. The decision fits with and is essential to the bank’s development strategy, reported the press-centre of Baltic International Bank.

Also, the shareholders approved Council membership changes effective from 15 September 2010.

The Kramnoy family, the present shareholders of the bank, have decided to switch over to other business priorities, therefore, they have voiced their wish to dispose of their qualifying shareholding in the bank. The remaining shareholders Valeri Belokon and Vilori Belokon have announced their intention to buy the shares of the departing shareholders, with a view to acquire a 99.87 percent controlling interest. 

From 15 September, Valeri Belokon will succeed Leonid Kramnoy as the Chairperson of the Council. Viacheslav Kramnoy and Albert Reznik will continue serving as Council members.

“Out top priority is to serve affluent families and their business interests in line with long-term strategic roadmap. Our customers value the bank’s risk management approach that is highly conducive to protecting their money and the excellent level of service. The bank continues to operate profitably, and the capital increase will contribute to turning our plans into reality,” emphasises the Chairperson of the Board Ilona Gulchak.
 
“As part of its strategy, the bank specifically focuses on broadening the array of services and rolling out innovative products in the area of family wealth management to ensure diversification of investments. In the first half of 2010, as compared with the same period last year, the bank’s customers showed a greater activity, hence ensuring the rise in the net fee and commission income by 23.55 percent. The growth of the bank’s lending business at a modest pace enabled the bank to increase the net interest income by 25.4 percent. 
 
A high-touch approach, which centres on preserving and safeguarding family wealth, contributed largely to the growth of customer funds handled by the bank. Deposits grew by 3.1 compared to 2009-end to achieve 170.55 million lats in June-end. The bank’s assets totalled 192.73 million lats as at 30 June 2010 - a 3.5 percent hike over the figure recorded as at 31 December 2009,”says Ilona Gulchak.