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Bank votes to give itself big capital boost

Latvia's Trasta Komercbanka has voted to nearly double its share capital at an extraordinary meeting, the bank said in a market announcement released Monday, three days after the decision was taken.

At an extraordinary meeting on 10 July 2015, "the shareholders discussed the question and arrived at the decision to increase the share capital of the Bank by issuing 15,000,000 voting shares. The sale price of one share will be €1,00. After the increase the Bank’s share capital will amount to €35, 641,316 and it will consist of 35,641,316 registered voting shares," the market announcement said.

At present the share capital of the bank is €20,641,316, consisting of 20,641,316 registered shares, so the move nearly doubles the bank's share capital.

The bank, founded in 1989 is one of Latvia's many boutique banks catering primarily to the non-resident sector, which now accounts for more than half the deposit base in Latvian banks.

Many clients come from Russia and Central Asia with the bank's consolidated group having offices in Russia, Ukraine, Belarus, Kazakhstan, Tajikistan, Azerbaijan, Hong Kong and Cyprus.

The bank had assets of €537m at the end of the first quarter of the year, during which it made a loss of €850,000.

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