A group of US and European investors have decided to take over the majority shareholding in AS PNB Banka. Such a decision has been taken following the assessment of the economic potential of Latvia and Latvian banking sector. The agreement provides for the acquisition of the controlling stake of the Bank’s majority shareholder Grigory Guselnikov and additional capital support in the future for the Bank.

In the coming weeks the new shareholders and the Bank will develop and present to the Financial and Capital Market Commission (FCMC) an updated business development strategy, which will encompass expanding products and services for international and Latvian clients, modern banking technology and a long-term investment strategy.

According to the new shareholders, they have no interest in pursuing PNB Banka’s court proceedings against the Republic of Latvia, the FCMC and the European Central Bank.

The Chairman of the Board of PNB Banka Oliver Bramwell added: “With the Bank’s long-term development in mind, discussions with potential investors have been held for some time to find the best and most appropriate solution for the changes the bank initiated two years ago. I am pleased that our vision of the Bank’s future development and goals is attractive also to this group of US and European investors, whose previous experience in various global financial organisations and banks will expand our horizons and possibilities. Our goal is to become a competitive bank in Latvia and across Europe.”

Following the change of PNB Banka’s shareholders, the Bank will continue to provide the existing services making financial routine more convenient and available to everyone, irrespective of their age, status or well-being. For the Bank’s customers, all the contracts and agreements concluded previously with AS PNB Banka remain in force, and everyday communication with the bank will continue as usual within the widest branch network across Latvia.