News and Reviews

Luxembourg Commercial Court Ruled to Start ABLV Bank Luxembourg, S.A. judicial liquidation process

Riga, Latvia, July 2, 2019, 17:13 / Banking

Luxembourg Commercial Court has decided to lift the previously imposed protection mechanism for ABLV Bank Luxembourg, S.A. and start liquidation process of the bank. The appointed liquidators of ABLV Bank Luxembourg, S.A. shall be the independent administrators who have been supervising the bank until now – attorney Alain Rukavina from Rukavina Avocats law firm and Éric Collard from DELOITTE Tax & Consulting SARL.

To minimise further losses ABLV Bank Luxembourg, S.A. has agreed to the start of the judicial liquidation process

Riga, Latvia, June 26, 2019, 17:26 / Banking

Given significant financial losses over the extended period since March 2018 and in order to protect the interests of the depositors and shareholders, ABLV Bank Luxembourg, S.A. has decided to agree to the start of the judicial liquidation process.

Protection of ABLV Bank Luxembourg, S.A. Extended in Anticipation of Sale Deal Closure

Riga, Latvia, February 7, 2019, 17:54 / Banking

On 7 February 2018, the Luxembourg Commercial Court (Tribunal d’arrondissement de Luxembourg siégeant en matière commerciale) has ruled to extend the suspension-of-payments protection status assigned to ABLV Bank Luxembourg, S.A. (hereinafter – the Bank) for another five months until July 4th, 2019.

Duet Group Acquires ABLV Bank Luxembourg, S. A.

Riga, Latvia, January 16, 2019, 10:17 / Banking

On 8 January 2019 ABLV Bank, AS in liquidation and Duet Group Limited (Duet) have entered into share purchase agreement to acquire 100% of the shares of ABLV Bank Luxembourg, S. A (the Bank).

ABLV Bank Luxembourg, S. A. Looks Forward to Complete Sales Process

Riga, Latvia, October 10, 2018, 16:39 / Banking

On 5th October 2018, the Luxembourg Commercial Court (Tribunal d’arrondissement de Luxembourg siégeant en matière commerciale) held a hearing regarding the request of ABLV Bank Luxembourg S.A. (further — the Bank) to extend the protection of the suspension-of-payments regime originally granted by the Luxembourg Commercial Court on 9 March 2018 and which ended on 9 September 2018.

Protection of ABLV Bank Luxembourg, S. A. Extended for One Month

Riga, Latvia, September 7, 2018, 16:46 / Banking

On 3rd September 2018, the Luxembourg Commercial Court (Tribunal de Commerce de Luxembourg) held a hearing for extension of the suspension-of-payments status assigned to the Luxembourg bank in February. Having considered the arguments and current situation, the court agreed to extend the protection by one month in order to leave more time to progress in the negotiations with investors.

Protection Offered for ABLV Bank Luxembourg, S. A.

February 20, 2018, 20:01 / Banking

The Commission de Surveillance du Secteur Financier (CSSF) has brought ABLV Bank Luxembourg, S. A., the subsidiary of the Latvian bank ABLV Bank, A.S. under protection by filing an application for suspension of its debit operations with the Luxembourg District Court.

About the Proposal of the Financial Crimes Enforcement Network of the U.S. Department of the Treasury

Riga, Latvia, February 13, 2018, 20:00 / Banking

ABLV Bank, AS has reviewed the Proposal regarding ABLV Bank by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. After preliminary examination of the document, we believe that this Proposal uses obviously unfounded and misleading information. The report leaves out significant information on the bank’s efforts in the field of money laundering and terrorism financing prevention in the last years.

Management company comment about ABLV open-end mutual funds in January, 2018

Riga, Latvia, February 6, 2018, 10:17 / Investments

The beginning of the year has obviously been pleasant for investors on the global stock market. Growth of stock indexes was observed almost everywhere. Once again, US stock market was setting the pace, where the events by now could be described as euphoria. By the end of the month, US Broad Market Index S&P 500 soared by 5.62%, whereas during the month it was reaching up by almost 7.5%. 

Management company comment about ABLV open-end mutual funds in December, 2017

Riga, Latvia, January 8, 2018, 10:50 / Investments

This year, December fell short of investors’ expectations for serious global “Christmas rally” and the key global stock markets closed the last month of the year mixed. The majority of European market indexes closed the month negative (for example, the Germany’s main stock index DAX fell by 0.8% and French CAC 40 – by 1.1%), while US market continued conquering new peaks (S&P 500 grew by almost 1% by the end of the month, while Dow Jones Industrial grew by 1.8%).

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