Protection of ABLV Bank Luxembourg, S.A. Extended in Anticipation of Sale Deal Closure

Riga, Latvia, February 7, 2019, 17:54 / Banking

On 7 February 2018, the Luxembourg Commercial Court (Tribunal d’arrondissement de Luxembourg siégeant en matière commerciale) has ruled to extend the suspension-of-payments protection status assigned to ABLV Bank Luxembourg, S.A. (hereinafter – the Bank) for another five months until July 4th, 2019.

The request for extension of the protection mechanism was submitted to the Luxembourg Commercial Court in order to protect the interests of the existing depositors as well as give sufficient time for Duet Group Limited (Duet) to complete its acquisition of the Bank.

As reported earlier, on 8 January 2019 ABLV Bank, AS in liquidation and Duet signed a share purchase agreement about acquisition of 100% of the Bank’s shares. The purchase agreement is still subject to approval by the Luxembourg Commission de Surveillance du Secteur Financier and the European Central Bank. Given Duet’s interest in the range of services offered by the Bank and its willingness to expand its operations in the future, the parties are determined to complete the transaction as soon as possible.

The key objective of the Bank is to protect the interests of the Bank’s clients during every stage of the acquisition taking into account the time necessary for Duet to obtain the required permits and pass compliance verifications under this deal in accordance with all and any provisions of the law and requirements of the regulators. The Bank continues to demonstrate solid financial performance, thus confirming its ability to fulfil all its obligations.