ABLV Bank shareholders decide to liquidate bank to protect clients

RIGA, Feb 26 (LETA) – Shareholders of Latvia’s ABLV Bank at an extraordinary meeting on Monday made a decision to start the liquidation process in order to protect interests of its clients and creditors, LETA learned from the bank.

ABLV Bank believes that in this way it will be possible to ensure active protection of its customers, the bank said in a statement.

"Taking into account the previous insolvency and liquidation processes in Latvia, we think this is the best decision possible after the announcement of the European Central Bank (ECB) on launch of the liquidation process. The bank’s financial situation is excellent, therefore must take care of every client," said the bank’s board chairman Ernests Bernis.

"The decision is very tough but the most appropriate one in the given circumstances," said Bernis.

The bank will provide more information on Tuesday.

As reported, the Latvian financial regulator, the Finance and Capital Market Commission, acting on the instructions from the European Central Bank (ECB), has ordered ABLV Bank to stop all payments as of February 19 following a report by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury about ABLV Bank's involvement in international money laundering schemes and corruption. On February 24, the Finance and Capital Market Commission made a decision on occurrence of unavailability of deposits at ABLV Bank.