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.

As previously announced, upon the decision of the Luxembourg Commercial Court to refuse the request to place ABLV Bank Luxembourg, S.A. in liquidation as of March, two independent administrators were appointed to supervise the operating processes and the bank was given six months to find investors. Since the asset structure of ABLV Bank Luxembourg, S. A. is rather diverse and the bank also would like to protect the interests of clients, certain requirements were set for potential investors to qualify for the deal. The application of the administrators to the court revealed the progress of the selling process and justified the required prolongation of the term.