Owner merges Latvian and Russian banks

In line with its declared development strategy, commercial bank Norvik acquired a 97.75% share in Russia’s Vjatka Bank, it announced via press release Thursday.

Russian financier Grigory Guselnikov is the majority shareholder in both the Latvian Norvik and Russian Vjatka commercial banks. Norvik annual reports state that Guselnikov has been Vjatka bank’s largest shareholder and chairman of its directors’ council since 2007.

In October Norvik invested almost €70m into boosting its capital assets to €123m.

“This planned step in the bank’s development strategy will allow us to continue targeted growth both in Latvia and in other markets where both Norvik and Vjatka trademarks are familiar. We continue towards our goal of becoming one of the most technologically advanced universal banks in the Nordic countries,” explained Norvik board chairman Oliver Bramwell.

Both the Financial and Capital Markets Commission in Latvia, as well as its Russian counterpart have been notified of the transaction.

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Economy
Economy