Czechs interested in Latvian bank

  • 1999-08-05
RIGA (BNS) - Shareholders of Trasta Komercbanka have signed a protocol of intent with Czech Optimum Financial Technology Holding on investment into the bank's capital.

Gundars Grieze, the bank's acting board chairman, said OFT Holding intends to buy 40,000 shares of the seventh issue of Trasta Komercbanka worth 2 million lats ($3.39 million).

"The potential investors of the bank have voiced readiness to raise Trasta Komercbanka's share capital to $10 million by the end of 1999 and to hand to the Bank of Latvia by the end of August all documents and information needed for acquiring a significant share in the bank," the bank pointed out.

Grieze said the Czech investment company's representative Radim Kiezler finished his visit to Riga July 28. During his visit he met with central bank experts and discussed the details of future cooperation with Trasta Komercbanka's shareholders and management.

Kiezler discussed development prospects with the bank's management and named immediate goals for the bank's operations, including the possibility of closing 1999 without losses. It is also planned to begin the formation of a branch network opening offices not only in Riga but in other large towns.