The Board of Baltikums Bank has approved a decision to liquidate its investment management subsidiary Baltikums Asset Management in connection with restructuring of the investment business and reduction of general holding expenses.
The company was established in July 2006 and its sole shareholder is Baltikums Bank. An application for annulment of the asset management license previously issued to Baltikums Asset Management has been filed with the Financial and Capital Market Commission. Liquidation of Baltikums Asset Management will take up to 6 months and will be performed according to legally regulated procedure.
Baltikums Bank AS is a leading independent private bank in Latvia and the largest in terms of assets under management. The Baltikums Bank group consists of: Baltikums Bank AS; Baltikums Luxembourg S.A.; BB Broker Systems SIA; Baltikums International SIA; CityCap Service SIA; Kamaly Development UAB; ZapDvina Development SIA; Rostman Ltd.; Pils Pakalpojumi SIA. The Baltikums Bank group has a branch in Cyprus and representative offices in Moscow, St. Petersburg, Almaty, Kyiv, Baku and Luxembourg.
Uldis Zandars
Baltikums Bank AS
Deputy of Head of the Product Development and Marketing Department
Phone: +371 67 031 408, +371 29 206 536
E-mail: uldis.zandars@baltikums.eu