ABLV Bank Luxembourg, S.A. Stays Independent with Sufficient Liquidity

Riga, Latvia, February 25, 2018, 11:35 / Banking

The recent ECB decision to propose the wind up of our subsidiary ABLV Bank Luxembourg, S.A. is a direct consequence of its decision to wind up ABLV Bank, AS. With the bank licence still in force and an administrator to be appointed for ABLV Bank, AS, our subsidiary is capable of continuing its operations with a new shareholder.

ABLV Bank Luxembourg, S.A. has and has always had an extremely strong liquidity and a capital adequacy ratio, far above the regulatory requirements. The liquidity of the Luxembourg bank fully covers the amount of its clients’ deposits; however, some key Luxembourg counterparties have decided to block ABLV Bank Luxembourg, S.A. USD accounts without any legal ground.

It is important to mention that ABLV Bank Luxembourg, S.A. was not accused of any wrongdoing in the recent Financial Crimes Enforcement Network report from the US targeting its Latvian shareholder. It has never been suspected in or accused of any kind of wrongdoing or breach of any legislation or regulation applicable to it.

ABLV Bank Luxembourg, S.A. is an independent bank established in 2012 in order to provide services in wealth management not offered by ABLV Bank, AS. It is managed in Luxembourg and has always fully and strictly complied and will continue to appropriately comply without exception with the international, European and Luxembourg legal and regulatory requirements applicable, including on anti-money laundering and fight against terrorist financing.