The Swiss-registered AP Anlage & Privatebank, a member of Latvia's Parex, the third largest Baltic finance group, aims to set up a representative office in Lithuania. On Nov. 23, the Bank of Lithuania was notified about the appointment of Anna Abola to lead the new office in Vilnius and had no objections to the candidate. AP Anlage & Privatebank, established by Germany's Hypo bank back in 1995, was acquired by Latvia's Parex in 2004. The Swiss-registered bank will focus on private banking, investment consulting and property management, while Lithuanian based representative offices of foreign commercial banks only render information and consulting services. In Lithuania, Parex group operates the commercial bank Parex, the investment management company Parex Investiciju Valdymas, insurance company Baltic Polis and factoring and leasing company Parex Faktoringas ir Lizingas. Coutts bank, the third largest Swiss private banking institution, has been considering the expansion of private banking services in Lithuania. Moreover, Liechtenstein bank Alpinum may also opt to enter Lithuania's market.
Latvia's leading alcoholic beverage producer, Latvijas Balzams, earned 2.31 million lats (3.3 million euros) profit in January-September 2006, a 14.7 percent rise from the same period in 2005. The company's net turnover grew by 19.7 percent year-on-year to 60.18 million lats. In the first nine months of 2006, the company sold 38.17 million lats worth of its products domestically, a 11.2 percent increase year-on-year, while exports were boosted by 37.3 percent to 21.99 million lats. The company's main export partners are the Baltic states, Russia, Poland and Scandinavia. The company has a leading position in Latvia, commanding 40 percent of the strong and light alcoholic beverages market in Latvia. In 2005, Latvijas Balzams raised net sales by 28.4 percent year-on-year to 78.49 million lats, while the company's profit nearly tripled to 2.38 million lats. Latvijas Balzams is the largest alcoholic beverages producer in the Baltics, making over 130 various beverages, including 53 light alcoholic drinks.
The Russian newspaper Komsomolskaya Pravda will in January start publishing a Nordic and Baltic edition in Estonia. The newspaper will include a weekly survey of stories carried out by Komsomolskaya Pravda and articles by correspondents in Finland, Sweden, Estonia and other countries of the Baltic region. Komsomolskaya Pravda estimates regional readership at two million people. Tallinn was chosen as the place of publication because Estonia is a cross point between the Baltic states and Scandinavia. The regional edition of Komsomolskaya Pravda will be published by the Estonian registered company SKP Media and will cost approximately 10 kroons in Estonia and 1.5 euros in Finland and Sweden. The paper is expected to have a print run of 20,000-25,000 copies in the first year of publication. In addition to Russia, Komsomolskaya Pravda appears in the United States, Canada, Germany, Spain, Greece, Turkey and Israel, and is distributed in more than 30 countries.
