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.

This decision taken in order to stabilise the situation results from actions taken by the European Central Bank (ECB), according to which temporary settlement restrictions on ABLV Bank, A.S. clients’ debit operations were set on February 19th.

ABLV Bank Luxembourg, S. A. was not accused of any wrongdoing and only named as part of ABLV group in the recent Financial Crimes Enforcement Network report from the US. With the report targeting the Latvian shareholder, however, some key Luxembourg counterparties have decided to block ABLV Luxembourg USD accounts.

Both banks are actively working on resuming comprehensive collaboration with all the associated parties.