ABLV Bank Equity Increased by EUR 50.7 million

Riga, Latvia, May 25, 2017, 13:11 / Banking

Another issue of ABLV Bank shares has been successfully completed, under which there were 3 780 000 registered shares issued. Following this, the bank’s share capital is comprised of 38 250 000 ordinary voting shares and 3 830 000 employee shares without voting rights attached. The newly issued shares constitute 9.9% of the bank’s voting share capital.

The subscription to ABLV Bank registered shares began on 10 April 2017 and only current shareholders of the bank participated. In total, 78 shareholders submitted their applications for participation in the new issue of shares, which makes 57% of the total number of the shareholders with voting rights; the paid amount of applications exceeded the offer by EUR 3.9 million, and therefore some of the applications were satisfied partly. The sale price of one share was EUR 13.40.

“This successful issue of shares is another proof of the bank’s shareholders’ loyalty and trust in the operation strategy we have chosen. Share issue results enable the bank to maintain a strong capital basis to ensure further development,” said Ernests Bernis, ABLV Bank Chief Executive Officer (CEO).

Bank’s performance and dividends policy contributed to the excellent issue results. As reported earlier, in 2016 the profit of ABLV Bank amounted to EUR 79.3 million, paying EUR 73.2 million of it as dividends to the shareholders of the bank – EUR 1.91 per one share. Payment of dividends enabled the shareholders to reinvest the profit gained from the dividends by participating in the new issue of shares and thus investing the funds into further development of the bank.

ABLV Bank, AS is the largest independent private bank in Latvia. The bank’s major shareholders Oļegs Fiļs, Ernests Bernis and Nika Berne directly and indirectly hold 87,03% of the bank's voting 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; Pillar Development, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Baku, Tashkent, Hong Kong, Limassol, and New York.