Since we always try to stay close to our customers, also in terms of geographical location, at the end of July, network of ABLV Group representative offices was expanded by one more – that in Vladivostok. This is already the fourth ABLV Group representative office in Russia (the other three are located in Moscow, St. Petersburg, and Yekaterinburg) and eleventh in total.

In July, global financial markets demonstrated positive trends. Market players were focused on the statements made by the heads of the US Federal Reserve and the ECB.

One of the most influential publications in the field of global capital and financial markets, Euromoney, named ABLV Bank, AS the best bank in Latvia. The appraisal was given to our bank under Euromoney Awards for Excellence 2013.

In June, global financial markets (stock and bond markets) both demonstrated simultaneous decline, which is possible when market movements are determined not by fundamental indicators, and not even by technical indicators, but by market sentiment.

ABLV Bank, AS completed two bond issues for the sake of raising subordinated capital under the Third Bond Offer Programme; the size of the issues was USD 20 million and EUR 20 million.

Continuing gradual replacement of long-term deposits with bonds, ABLV Bank, AS, performed another bond issue under the Third Bond Offer Programme. This time, there were straight bonds worth USD 50 million and EUR 20 million issued.

In May, trends of the previous months continued on the global stock market – markets of developed countries were growing, and those of most emerging countries declined.

The results of Q1 allow expecting achievement of the objectives set for 2013. All the bank’s major performance indicators remain high, including capital adequacy and liquidity ratios.

On 9 May 2013, the Council of the Financial and Capital Market Commission (FCMC) approved registration of the Base Prospectus of ABLV Bank, AS, Third Bond Offer Programme, allowing the bank to perform public offering of debt securities amounting to LVL 200 000 000 or equivalent amount in EUR or USD.

The first four months of 2013 have been successful for open-end mutual funds managed by ABLV Asset Management, IPAS, and as at the end of April this year the total value of their assets exceeded EUR 75 million. Currently, 6 mutual funds are available to our customers, including 4 bond funds and 2 stock funds.