ABLV Bank presented Daugavpils city council with a nine-storey building

Riga, Latvia, December 5, 2014, 09:30 / Banking

Last week ABLV Bank and Daugavpils city council concluded a gift agreement. The bank granted to the city a multi-apartment building at 7, a, Gaismas street and residential land. There are 105 apartments in the building, and floor space equals 8.7 m². All utility lines have been made, and at the moment, the building is at a so-called semi finishing stage, further works will be committed by the city council. The total value of the gift is around EUR 380 000.

No so long ago the new build house belonged to the bank’s subsidiary company Pillar that is the part of ABLV Group dealing with property development and trading. Daugavpils city council showed interest to this building, as significant number of new apartments could have solved a critical problem of accommodation to the residents who are in need of social assistance. Having learnt about it, the bank made a decision to buy this building out from Pillar and to present it to the city.

This is not the first time ABLV Bank presents property within charitable projects. In March 2013, the bank presented Liepaja University an apartment so that the university could provide better accommodation to invited foreign tutors and researchers.

Ilmārs Jargans
Head of Public Relations Department
+371 6777 5296
ilmars.jargans@ablv.com