Komercbanka shuts its doors

  • 1999-03-11
  • Sandra L. Medearis
RIGA - Surprise and frustration pulled down the corners of customers' mouths as they shrugged their shoulders at a sign by the door. They couldn't believe it, said depositors of Latvia's fifth largest bank, but that's what the sign said: "Bank of Latvia has closed Rigas Komercbanka effective March 7. The bank's liabilities exceed its assets."The Riga Stock Exchange suspended trading of RKB shares March 8 while the Bank of Latvia filed a claim in Riga district court to have RKB declared insolvent. About 50 customers lined up outside RKB March 8 found the bank unexpectedly closed."Our parents...
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