RIGA - Baltijas Tranzitu Banka (Baltic Transit Bank) announced this week that it has formed companies BTB Asset Management and BTB Atklatais Pensiju Fonds (open pension fund) in a strategic move designed to improve its position on local financial markets.
Last month it was revealed that Oleg Boiko, a Russian billionaire with interests in the metals industry, had consolidated over 50 percent control over Baltic Transit through Finstar Baltic Investments, a Latvia-registered company he owns.
The newly formed companies still need to obtain licenses from the Finance and Capital Markets Commission in order to launch operations, but officials at BTB Asset Management, which has a core capital of 110,000 lats (169,000 euros), said that they planned to receive theirs before the end of the year.
Baltic Transit's open pension fund could start in the first quarter of next year. The bank said the fund would initially offer three different pension plans.
Also, Baltic Transit officials said that they planned to register another daughter company, BTB Nekustamie Ipasumi (real estate), on Nov. 19.