New name, new imagefor Komercbanka

  • 1999-10-14
RIGA (BNS) - Leaders at Rigas Komercbanka, which plans to re-open this month after closing its doors in March, are hoping a spiffy new name and image will pay dividends with clients.

So when the oldest commercial bank in Latvia starts business anew, it will be known as Pirma Latvijas Komercbanka, or First Commercial Bank of Latvia, said administrator Gundars Cers.

The Bank of Latvia has approved the name change, and it will be used from the moment Komercbanka opens its doors.

A Riga regional court was slated to rule on stopping the insolvency process on Oct. 13.

Komercbanka's financial operations were suspended in March when it became clear that liabilities exceeded assets. The bank was later revealed to have had 27 percent of its capital tied up in Russian T-bills when they became worthless during the crash of 1998.