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ABLV Bank stops in Latvia!

2018-02-21

Unexpectedly, we received news from our reliable partners that ABLV Bank is stopping work on the initiative of the European Central Bank. The decision came into force exactly at midnight on February 19.

ABLV stops outgoing payments and does not issue cash. If you have previously decided to open an account with ABLV Bank in Latvia or have not yet transferred money from your account, the maximum possible paid-up capital in case of its full closure is 100,000 EUR.

According to the representative of the bank, Latvijas Banka carried out the process of acquiring securities from ABLV Bank to enable this institution to become more liquid on the financial market. According to the Minister of Finance of Latvia, Dan Reiniece-Ozola, bonds from this bank were purchased for the amount of 13 million EUR.

However, earlier first reasons of today's situation appeared. So, the US accused ABLV Bank of laundering money allegedly aimed at helping the North Korean nuclear program. It is interesting that the US can not show evidence supporting this fact.

These accusations became the primary cause of problems in the bank's activities.
According to the latest financial reports, ABLV had securities worth 1.7 billion EUR. The structure of ABLV Bank assets is balanced, however, taking into account the current situation, the transfer of assets and their implementation at the moment may take more time than envisaged in standard situations. Therefore, the bank now needs to take measures to ensure the sufficiency of financial resources.

Now everyone knows that claims to the bank are not the only problem of termination of its activities, the management of ABLV Bank with the help of bribery had an impact on representatives of Latvian state structures, and in this way supported its bank afloat.

We would like to advise not to open bank account with Norvik Bank in Latvia. The fact is that he is the most likely next target after ABLV Bank.

If you are an account holder in ABLV or are looking for alternatives - feel free to contact us for help.