ABLV Bank Acquires Primary Dealer's Status in Latvia
OREANDA-NEWS. On 25 April this year, ABLV Bank, AS entered into primary dealer agreement with the Treasury, thus joining Latvian Primary dealers group.
Primary dealers are cooperation partners of the Treasury entitled to take part in the domestic bond issues and auctions arranged by the Treasury. They provide liquidity and bid and ask prices on the secondary market for government debt securities, which are an important part of Latvia's central government borrowing.
Primary dealers system was established with an aim to develop Latvia's government securities market.
ABLV Bank, AS, Chief Financial Officer (CFO) Maris Kannenieks noted, “Transactions in securities have been and will continue to be an important line of our bank's business. Moreover, we have always been interested in investing funds in Latvian public bonds. It should be noted that our bank currently holds one of the largest securities portfolios in the Baltics - worth more than 1.6 billion euro. We also have substantial experience in issuing and distributing our bonds - since 2008 we have performed 23 bond issues, issuing and distributing bonds to the total amount of 520.4 million euro, and became one of the largest issuers at NASDAQ OMX Riga stock exchange.”
ABLV Bank, AS, is the largest independent private bank in Latvia. The bank's majority shareholders - Olegs Fils, Ernests Bernis and Nika Berne - directly and indirectly hold 86% of the bank's voting share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Yekaterinburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Dushanbe, Baku, Tashkent, and Limassol.