ABLV Bank Luxembourg announces today that the Luxembourg Ministry of Finance has issued its licence for banking operations. ABLV Bank Luxembourg, S.A. is an independent company, the founder and sole shareholder of which is ABLV Bank, AS, a Latvian based bank. ABLV Bank, AS invested 20 millions euro in equity capital of Luxembourg subsidiary.

ABLV Bank Luxembourg was established by ABLV Bank, AS in order to develop the existing customer base and strengthen their loyalty, providing larger range of investment and fiduciary services, as well as to attract new customers in wealth management. ABLV Bank is the first bank from the Baltic countries to establish subsidiary bank in Luxembourg.

The Board of ABLV Bank Luxembourg will be composed of Ernests Bernis, Vadims Reinfelds, Leonīds Kiļs, Paul Mousel, Benoît Wtterwulghe, and Andris Riekstiņš. Daily bank management is assigned to the Chief Executive Officer – Benoît Wtterwulghe and the Deputy Chief Executive Officer – Andris Riekstiņš, who have managed the company since its establishment – during research and preparatory period.

“Cooperation of our banks in Latvia and Luxembourg will ensure new opportunities for our clients. We have gained valuable experience and established mutually beneficial relationships while working with customers from Latvia, Russia, Ukraine, Kazakhstan, Belarus, Azerbaijan, Uzbekistan, Georgia, Moldova and other states for almost 20 years already. In turn, Luxembourg is a well-developed financial centre with very strong expertise in wealth management and high credit rating,” says Ernests Bernis, Chairman and CEO of ABLV Bank, AS.

ABLV Bank Luxembourg, S.A. offices are located at Luxembourg centre, at 26a Boulevard Royal. The bank plans to start rendering banking services in the coming months.

ABLV Bank is the largest independent private bank in Latvia. The bank’s majority shareholders — Oļegs Fiļs, Ernests Bernis and Nika Berne – directly and indirectly hold 86% of the bank's share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Yekaterinburg, Kiev, Odessa, Minsk, Almaty, Dushanbe, Baku, and Tashkent.