Shareholders of ABLV Bank, AS in Liquidation Approve 2017 Financial Report

Riga, Latvia, November 6, 2018, 10:08 / Banking

On 5 November 2018, a scheduled general meeting of shareholders of ABLV Bank, AS in liquidation took place, where the consolidated and separate financial report of the company for 2017 was approved.

In 2017, the bank’s operating income totalled EUR 101.4 million, while the profit amounted to EUR 44.7 million. As at 31 December 2017, the deposits with the bank constituted EUR 2.68 billion and the assets amounted to EUR 3.68 billion. In 2017, the group paid EUR 20.9 million in taxes to the state budget.

As reported earlier, after the decision of the European Central Bank and the Single Resolution Board, on 26 February 2018 shareholders of ABLV Bank were forced to make a decision on voluntary liquidation. On 12 June 2018, the Financial and Capital Market Commission approved the application submitted on 5 March about the voluntary liquidation, and 12 June 2018 shall be deemed the day of commencement of the liquidation of the bank. Taking that into account, as well as following the provisions of the Credit Institutions Law, which provide that under the liquidation the company is entitled to make any disbursements from its own funds to the shareholders only under the procedures of Section 195 of the said law, i.e., after satisfying claims of all creditors, the shareholders of ABLV Bank, AS in liquidation took a decision to retain all company’s profit for 2017 with the company as an undisbursed profit, and to not disburse it as dividends.

And the matter of approval of a sworn auditor of the financial report of ABLV Bank, AS in liquidation for 2018 shall be reviewed at any of the following meetings of shareholders.