According to the Global Financial Centres Index (GFCI), published by Z/Yen, a leading London-based think tank, Luxembourg has shown great result, having occupied 12^th place, thus rising by 2 positions as compared to previously.

We previously announced that ABLV Bank Luxembourg, S. A. had started to issue payment cards earlier this year. We already offer VISA Gold and VISA Gold Business cards in euros to our clients, who will be able to additionally benefit from payment cards in US dollars as of 1 October 2016.

Although the first half of 2016 was marked by complex economic situation on some of the bank’s target markets, we managed to achieve and surpass the planned financial indicators, although adjustment of the bank’s business model has been initiated to ensure sustainability of the bank's operations.

VISA Gold and VISA Gold Business payment cards, accounting services in new jurisdictions, residence permits and change of tax residency — these are the main aims of product and service innovations, which have been implemented for our clients’ convenience.

Another issue of ABLV Bank shares has been successfully completed, under which there were 2 700 000 registered shares issued. Following this, the bank’s share capital is comprised of 34 470 000 ordinary voting shares and 3 530 000 employee shares without voting rights attached. The newly issued shares constitute 7.8% of the bank’s voting share capital.

The results of Q1 evidence stable development of the bank and allow predicting that the objectives set for 2016 will be achieved. All the bank’s major performance indicators remain high, including capital adequacy and liquidity ratios.

The ordinary meeting of ABLV Bank, AS shareholders was held on 7 April 2016. At the meeting, the bank’s annual report and the consolidated report for 2015 were approved. Decisions were made on distribution of the bank’s profit for 2015, on increase of the bank’s share capital and approval of the terms of share capital increase, and on amendments to the bank’s Articles of Association. In addition, other matters included in the agenda were considered and related documents were reviewed.

We would like to inform that amendments to several documents of ABLV mutual funds become effective on 23 March 2016.

During 2015, planned development of the bank and other companies of ABLV Group continued as a result of consistent implementation of the group’s strategy. Our choice of the business model, careful risk management, and maintained cautious credit policy allowed us to achieve all the key results planned. According to the business model, our focus remains on providing services to private and corporate clients. ABLV Bank, AS is the largest bank in Latvia by the local capital and second largest by the assets.

New investment strategy, lombard lending and modern premises of representative office in Moscow — these are the main improvements in our products and services, which will be implemented for our clients’ convenience.