Aizkraukles banka announces increased deposit rated

October 28, 2002 / Banking

Starting from October 28 and through the end of the year, Aizkraukles banka (AB) will offer deposits bearing an interest, which is increased, on the average, by 0.5 per cent. The increased interest-rates are offered by AB for time deposits both in Lats (minimum 600 Ls), US Dollars and Euro (minimum 1000 USD/EUR).

In addition to the higher interest income, the bank will present mini cashboxe, and organised a special lottery, for the depositors.

mini cashboxes for the first 100

Each of the first 100 clients depositing the money during the period of the special offer within the deposits with maturity of six months or longer, will receive a practical present from the bank — a mini cashbox. "Thus, we would like to emphasize the safety of the deposits symbolically, since mini cashboxes are useful for the storage of smaller amounts of cash and documents" — Mr. Aivars Rauska, Deputy Head of the Customer Service Division of AB, considers.

TV set on the lottery

All the depositors will take part in a lottery with the Grand Prix prize — Panasonic TV Set. The drawing shall take place on January 6, and the name of the winner shall be annouced in the bank’s website (www.ab.lv).

"We are offering to make deposits with increased interest with a view to attracting new clients," — Mr. A. Rauska explains. The deposit offer of AB is mainly aimed at medium-size businesses and employees with medium income level.

AB generates more profit the banking sector on the average

AB has been one of the most profitable banks in Latvia this year. The Return on Assets (ROA) of the bank as reported for the first nine-month period was 3.02% per annum. The average value of this indicator in Latvian banking sector according to the data of the Financial and Capital Market Commission last year was 1.5%.

The volume of non-bank deposits of AB has increased by 17.6 million Lats this year, reaching 124.2 million Ls as of the end of September. It is 46 million Ls more than during the respective period of time past year.

Higher interest on deposits with all maturities

For half-year maturity deposits in Lats, 4.32% per annum is being offered by AB, whereas for the 12 months maturity — 5.08% per annum. The interest rates offered by AB for time deposits in US Dollars are also made more attractive — 2.32% and 2.92% per annum accordingly. Increased interest rates are now available at AB also for deposits with shorter (one and three months) and longer (up to five years) maturity.

Aivars Rauska,
Deputy Head of the Customer Service Division

Aizkraukles Banka