AB.LV Asset Management and AB.LV Capital Markets receive licences

August 11, 2006 / Banking

In late March of this year, two subsidiaries of Aizkraukles Banka — the Investment Management Joint Stock Company AB.LV Asset Management and the Investment Broker Joint Stock Company AB.LV Capital Markets — received licences for investment management and investment services issued by the Financial and Capital Market Commission.

Both companies will start offering their services to both local and foreign customers in September.

The equity of each company amounts to LVL 700,000. The chairman of their boards is Leonids Kils, who has worked in the area of investment management for over a decade.

Quality servicing to be ensured

«We have worked hard on establishing both our services and personnel. Therefore, in September we will be ready to start active work and to offer individualised and quality servicing in transactions with financial instruments to our customers. First AB.LV Asset Management will offer to make and manage an individual investment portfolio for its customers, subsequently they will be able to purchase certificates of AB.LV Asset Management funds. AB.LV Capital Markets will provide broker services to customers in a wide range of financial instruments and access to global financial markets,» says L.Kils, head of both companies.

Good performance in financial investments

Aizkraukles Banka’s excellent performance in the area of financial investments continues. As of the end of June 2006, the average annual return on the Bank’s liquidity portfolio amounted to 4.23%, the annual return on the non-fixed investment portfolio was 5.54%, and the annual return on its trading portfolio was 7.04% per annum.

Aizkraukles Banka is a local bank

Aizkraukles Banka is 100% owned by Latvian shareholders and carries on its activities both in Latvia and abroad, offering a wide range of financial services to its customers. The Bank’s majority shareholders are Ernests Bernis and Nika Berne — 46.45% shares, and Olegs Fils — 46.45% shares.