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Baltic International Bank supports Commercialization Reactor Ignition Event currently held in Riga

Magnetic Latvia Technology Conference „Deep Tech Atelier” is held on 13 and 14 April in Riga. As part of this international conference, 12th Commercialization Reactor Ignition Event is also organised and is supported by Baltic International Bank. During the Ignition Event, ten new promising and cutting-edge scientific ideas will be presented to potential investors and start-up founders. Driven by the conviction that innovative ideas and attraction of investments required to turn the ideas into reality play a vital role in shaping and developing the country’s economy, Baltic International Bank has been supporting Commercialization Reactor (international platform founded in Latvia with the aim of promoting technologies and launching start-ups based on scientific and technological achievements) for already more than five years. The purpose of the platform is to combine brilliant innovative scientific ideas and entrepreneurship experience and knowledge into new value, thus establishing a good basis for creation and functioning of successful and knowledge-based hi-techs. We’re proud to support the process that is so essential to Latvia’s economy! The new International conference "Deep Tech Atelier" is hosted by the Investment and Development Agency of Latvia (LIAA) in liaison with Commercialization Reactor. The organisers invite businesspeople, scientists, technology developers, industry representatives, investors, and all those enthusiasts, who are interested in technologies, scientific breakthroughs and ground-breaking ideas, to participate in the discussions and acquire the practical knowledge. "Deep Tech Atelier" is a forum and a practical workshop dedicated to the creation and development of start-ups.  

Corporate bond issuance - an alternative way of financing your business offered by the Bank

Today, cooperation with Bank opens up new opportunities for customers and allows them achieve their investment goals in the financial services market worldwide. A bespoke approach to every single customer and a vast array of financial products allow customer and Bank to find maximally advantageous financial solutions.  In an effort to provide its current and potential customers with diverse external finance-raising opportunities, Baltic International Bank presents a new service - arrangement of primary bond issues!  “Corporate companies predominantly use bank loans for financing. Issuance of own bonds is an attractive financing alternative! Flexible terms aligned with market interest rate, and publicly accessible credit history - these are only a few factors that boost the attractiveness of bond issuance”, the Head of Corporate Finance of Baltic International Bank Oleg Doronin says.     For the issuer, arranging a bond issuance is a serious and responsible thing to do. A wise thing to do is to ensure that he bond-issue process is arranged by a professional arranger.Oleg Doronin, Head of Corporate Finance of Baltic International Bank   “Corporate bond issuance has widely picked up worldwide as a mean to raise financial resources. For instance, in the end of March 2018 the volume of outstanding corporate bonds issued by issuers from Poland reached nearly EUR 33 billion or 8 percent of GDP, in the Czech Republic the number was – EUR 26 billion or 15 percent of GDP, and in Hungary– EUR 11 billion or 10 percent of GDP. Bond issues gradually, albeit steadily, are gaining popularity also in the Baltic States. In 2017 alone, the Latvian issuers issued bonds worth EUR 661 million. The Lithuanian issuers issued bonds worth EUR 309 million. Estonian companies issued bonds worth EUR 118 million.  Latvia takes the lead in terms of the total volume of bond issues. In March 2018, the total volume of outstanding corporate bonds reached EUR 1.8 billion. The total capitalisation of the Baltic market attained the level of EUR 4 billion. We expect that he Baltic corporate bond market will continue to grow in future, and it will be beneficial for both issuers and investors!" outlines the Director of Corporate Finance, Oto Davidovs. The total capitalisation of the Baltic market attained the level of EUR 4 billion. We expect that the Baltic corporate bond market will continue to grow in future, and it will be beneficial for both issuers and investors!Oto Davidovs, Director of Corporate Finance of Baltic International Bank      Initially, Baltic International Bank intends to work with small-cap and mid-cap companies whose issue volumes total up to EUR 50 million. The main emphasis will be placed on manufacturing companies based in the Baltic States and Eastern Europe from such industries as timber processing, production of electrical equipment, construction and others. In the current situation of deficit of debt financial instruments among institutional and private investors, corporate bond issuance is a particularly topical opportunity. An investor buys a bond in the primary market, redeems the bond at the date specified during the placement period, and earns a guaranteed fixed-income regardless of market fluctuations. Furthermore, the investor can sell the bond through the secondary market without waiting until the maturity date, if the investor is satisfied with the bond’s price. Bond issuance arrangement signifies a new stage in the Bank’s development and will foster substantial reinforcement of the Bank’s position in the global market of investment and banking services!   Organisation of Bond Issues - read more  

Changes in the Bank’s working hours on Easter Holidays

Dear Clients! In connection with the Easter holiday, the Bank’s working hours have been changed:  29.03.2018. – Baltic International Bank will be open for customers until 4 p.m. 30.03.2018. and 02.04.2018 –  Baltic International Bank will be closed. Please pay due attention to the above mentioned changes and plan your financial transactions in a timely manner. Happy Easter!    

“Baltic International Bank” is strengthening its management team: Ilona Gulchak has become a member of Bank’s Supervisory Board while Viktors Bolbats has taken the lead of Bank

Ilona Gulchak, who has previously served as the Chairperson of the Management Board of “Baltic International Bank” has filled the role of a member of the Supervisory Board. From now, the Deputy Chairperson of the Management Board takes the lead of Bank. Viktors Bolbats and Ilona Gulchak The changes are a part of the transformation process which was undertaken by Bank already last year and which will enable Bank to expand its business in new directions, penetrate new target markets and offer its customers bespoke high-end financial services. Bank has been planning those well-thought-out changes for a long time. They will allow Bank distribute the competences perfectly and take full advantage of new opportunities. The Financial and Capital Market Commission has already evaluated and approved the changes being implemented by Bank. Viktors Bolbats  Viktors Bolbats has acquired solid multiple-year experience in the Scandinavian banking sector. He held senior positions while working for SEB bank, one of the largest Latvia-based banks. Last year, V.Bolbats joined Bank’s executive team. Initially, he actively engaged in the intra-bank reshuffle process in his capacity as the advisor to the Chairperson of the Management Board. He took the post of the Deputy Chairperson of the Management Board in November. V.Bolbats graduated from the Stockholm School of Economics in Riga and earned his MBA from the Riga Business School.  Bank’s shareholder Valeri Belokon: “Over the past 25 years, we have accumulated extensive experience in the Latvian banking sector. Now, we’re combining the useful experience with modern knowledge possessed by our new and energetic team members from different industries. Together, we’re shaping the new bank aimed at upholding traditions and succession and boosting customer trust and loyalty. We facilitate the engagement of a wide range of expertise to create value for our customers, employees and Latvia as a whole.” And let us remind you that in January 2018, Bank’s shareholders decided to increase Bank’s share capital by EUR 6 million since they are actively supporting the expansion of Bank’s business both in Latvia and in other target markets.  To anchor the Supervisory Board, top-level international specialists have been serving on the Supervisory Board since 2016, including the former diplomat Dr. Hans Friedrich von Ploetz and the former Director of CIA’s Counterterrorism Center Joseph Cofer Black. Bank’s shareholder Valeri Belokon and Andris Ozoliņš, a banker having vast experience, also serve on the Supervisory Board.  

The Baltics - new and rapidly developing corporate bonds market

Our colleagues, Head of Corporate finance Oleg Doronin and Director of Corporate finance Oto Davidovs, represented Baltic International Bank in Cbonds CEE Bond Conference in Prague. The conference was about the bond markets in Central and Eastern Europe. Our colleague Oto Davidovs participated in Debt Capital Markets panel discussion and gave presentation about the Baltic bond market for 120 representatives from more than 20 countries. Professionals from companies like UBS, Raiffeisen, Erste Group, Bloomberg, S&P, and others were also participating and attending the conference. Oto Davidovs, Director of Corporate finance of Baltic International Bank explains: “The Baltics is a new and rapidly developing corporate bonds market with current capitalization of almost 4 billion euros. In Latvia, there are more than 500 million new issues every year, and market activity is increasing by continuously improving infrastructure and state involvement in fostering development of capital markets."  "Cbonds CEE Bond Conference was well timed and conversations with participants confirmed investors’ interest in new emissions. Participation in the conference for Baltic International Bank was a great opportunity to exchange opinions with professionals of the debt capital market and assess the potential of new placements in Central and Eastern Europe." Photo: Cbonds CEE Bond Conference

On the financial results of Baltic International Bank

In 2017, Baltic International Bank actively worked to transform its operations in line with the Bank’s new investments-based business model. Upon concluding the organisation of the Bank’s assets and introducing the new business model, the structure and number of customers of the Bank changed, and deposits decreased significantly. In the 2nd half of 2017, Baltic International Bank significantly strengthened its clients service team and actively focused on attracting new clients, as well as establishing a new level of business relations with existing clients, thus in the 2nd half of 2017, all financial indicators relating to the amount of client funds increased. In the 2nd half of 2017, the total of customer funds grew by 18% and reached EUR 444 million, the amount of deposits attracted by Baltic International Bank went up by 25,5% during the reporting period. The assets under management at the end of 2017 amounted to EUR 68,17 million, and the value of financial instruments in brokerage service – EUR 120,71 million. At the end of December 2017 term deposits amounted to 33% of the total deposit portfolio, providing opportunities for new investment projects and financing for Bank customers – private individuals and companies both in Latvia and overseas. According to the unaudited results of Baltic International Bank, at the end of December 2017 the bank’s assets amounted to EUR 303,35 million, which is 13,5% more than at the end of first half of 2017. The Bank’s loan portfolio totalled EUR 69,77 million or 23,0 percent of the total assets as of 31 December 2017. The financial asset structure is still predominantly represented by investments in available-for-sale financial assets: EUR 43,72 million or 14,4 percent of the total assets. High-quality liquid assets (assets carrying investment-grade credit rating and balances due from the Bank of Latvia) amounted to EUR 159,44 million or 52,6 percent of the total assets. Investments in government bonds totalled EUR 26,87 million or 8,9 percent of the total assets. Operations related to changing the business model and customer structure, as well as the quality assessment of some historically acquired assets of the Bank created an expected temporary negative impact on the Bank’s financial indicators, thus the Bank ended 2017 with a loss of EUR 2,67 million. The financial results were also influenced by investments in continued improvement of the internal control system, development of information technologies and infrastructure that Baltic International Bank carried out in 2017, as well as investments in staff and strengthening their competence. The operating income totalled EUR 15 million, which is less than at the end of previous period. The management of the bank appreciates the dynamics of the income structure - the percentage of fee and commission income increased to 24,8 percent compared to the same period last year when the fee and commission income totalled 17,7%. The net interest income increased by 17,3 percent compared to the same period last year when The net interest income totalled 11,3%. Administrative costs reached EUR 13,74 million, which is 5,8 percent below the level of the previous year. The liquidity ratios exceed the regulatory thresholds. As of 31 December 2017, the liquidity ratio was 92,29 percent. The structure of liquid assets is well diversified, as represented by bonds 20 percent, due from credit institutions 13 percent, due from the Bank of Latvia 66 percent and cash 1 percent. The liquidity coverage ratio (LCR) totalled 376,43 percent. The net stable funding ratio (NSFR), characterizing the availability of a stable funding profile in relation to the composition of assets and off-balance sheet activities, reached 154,64 percent. As of 31 December 2017, the Bank’s own funds totalled EUR 29,97 million. The Bank’s Tier I capital ratio (CETI) totalled 11,60 percent. Total capital ratio reached 14,98%. Having reached 14,98 percent, the total capital ratio by 2,08 percentage points exceeds the individual ratio set for the Bank by the Financial and Capital Market Commission. As Bank’s shareholders actively support the development of Baltic International Bank, basing on the new business model, shareholders’ meeting in January 2018 made the decision to increase Bank’s capital by EUR 6 million. We firmly believe that the capital-increase will give a decisive fillip to the expansion of bank’s business both domestically and internationally, and the bank’s current and potential customers will all be winners! In 2017, Baltic International Bank continued to implement a broad range of social responsibility projects promoting the development of culture, art and public opinion in Latvia. Baltic International Bank supported the publication of several books in the series “Mēs. Latvija, XX gadsimts” (Us. Latvia. The XX century) and other publications of significance to Latvia’s cultural history. In 2017, the Bank also supported the development of start-ups. The Baltic International Bank Latvian Barometer surveys were carried out throughout the year, providing a unique monthly insight into the general mood and public opinion in Latvia regarding various current topics of national importance. Thanks to its sustainable model of operations and broad range of social responsibility initiatives, Baltic International Bank ranked in the Gold category of the 2017 Sustainability Index. Financial report for the period ended 31 December 2017

The book How to Prosper in Latvia was published with the support of Baltic International Bank

One may come across people with extensive life experience and outstanding achievements in our country too. This message has for the second time been passed along to the readers of the book "How to Prosper in Latvia". Courage, daring and the ability to stand up and attempt again even after a severe stroke of misfortune is what describes each of 14 successful characters of the book. The authors of the book – Kārlis Ozols and Laura Vanaga-Mickeviča – compiled the stories about the characters' experience in the book the publication of which was supported by Baltic International Bank. “Baltic International Bank has for many years been supporting different major events in the cultural, literary and business life of Latvia, and I believe that the publication of the book "How to Prosper in Latvia" is one of them”, tells Jekaterina Kuznecova, Head of Strategic Planning of Baltic International Bank.   From left - Jekaterina Kuznecova, Head of Strategic Planning of Baltic International Bank, authors of the book Laura Vanaga-Mickeviča and Kārlis Ozols “This year, Latvia will celebrate its centenary, and today, just like one hundred years ago, knowledgeable, professional and enthusiastic people are in demand. I am convinced that the book "How to Prosper in Latvia" will help to enrich our country's culture, art and business with young and talented people who will find inspiration for new achievements in this book!”, continues Jekaterina Kuznecova. Every story from the book "How to Prosper in Latvia" is special and makes the reader come to the conclusion that there is no finished formula for success – everyone has to find their own formula. However, having seen behind the curtains of the characters' life, plunged into the world of their personal feelings and reflections, we come to realise that even simple, everyday steps will take us to success – all we need to do is just start taking these steps, and success will find us.  One of 14 success stories included in the book "How to Prosper in Latvia" is the story of success of the businessman and auto sportsman Daniel Belokon. Daniel is the son of Vilori Belokon, co-owner of Baltic International Bank, who has proved by his experience that the values of nepotism and succession are passed down from generation to generation.   In his story, Daniel Belokon confides in readers that it was in his childhood when he developed financial thinking and gained confidence in the fact that family values play a key role in each person's life. His story about the father and his role in the shaping of Daniel's life is very touching: “My father gave me money for education but I spent it on the establishment of a company. At first, he was very disappointed but after seeing the first results of my activity he accepted my choice”.  From left -   Viktors Bolbats Deputy Chairperson of the Management Board of Baltic International Bank, Jekaterina Kuznecova and Danila Belokon, owner of Crypto Baltic Daniel Belokon's company Crypto Baltic deals with cryptocurrency and blockchain technology, and D.Belokon is confident in his achievements: "I have set myself the goal of making my company one of the leading companies not only in Latvia but also in the Baltic States. I understand that the goal is rather ambitious but I do not think it is unachievable. We are young, knowledgeable, purposeful and enthusiastic people, a small and dynamic team capable of making fast and optimal decisions; also, we have good stress tolerance. Yes, we might be exuberant but I am confident that if this energy is focused on something specific a lot can be achieved!".  Apart from Daniel Belokon's story, the book also narrates about how Līva Jaunozola, founder of Andele mandele, opened her store before the company was even registered; how Ieva Treija, owner and head of Gemoss, checks utensils in every restaurant; how Lauris Liberts, co-owner of Draugiem Group, had hired the first American; how the owner and head of the marketing agency New Black organised the famous Zemene's run onto the football field, etc.  After the first book "How to Prosper in Latvia" was published in 2015, it seemed to me that the contribution to the creation of Latvia rich in achievements would suffice for a long period but time has proved otherwise', says the author of the book Kārlis Ozols. "The book was a hit; that is why I was motivated to continue collecting success stories and I am grateful to Baltic International Bank for the possibility to bring that motivation to life. I involved Laura into the work on the second book, and she made a very valuable contribution as a result of which the second book turned out to be more many-sided and more complete. I wish everyone had the possibility to learn from our enterprising and daring people since their efforts contribute to the development of Latvia".   The book celebrating event dedicated to the book How to Prosper in Latvia was held on 21 February in Riga in a family-like and very friendly atmosphere. Let's read the book and get inspired for new achievements each in one's own field!  

Shadow day in Baltic International Bank

A forward-looking and smart business strategy, product-and-service offerings, appropriate IT solutions, and professional, loyal and enthusiastic employees are critical to success of an enterprise. Baltic International Bank puts special focus on creation of a modern workplace environment, improvement of the environment and continuous employee development. We do this first and foremost because we believe that all of those initiatives are encouraging and foster the strength of Bank’s team.  And everything that comes with that proves beneficial to our customers! We give paramount importance to succession in business and transfer of skills, knowledge and experience to youngsters who are just learning how to set their life goals and are choosing their career path. These aspects are crucially important to us. We regularly provide a great opportunity for senior grade pupils to immerse themselves into at-work routines and to feel the spirit of Baltic International Bank. For many years, children have been undertaking summer practice at Bank and acquiring skills required for banking professionals. This year, young people have visited Bank and have followed in the shadow of Bank’s employees during the annual Job Shadow Day. Impressions of the Shadow Day in the Bank - please watch the video.  

Baltic International Bank increases its share capital by EUR 6 million

As Bank’s shareholders actively support and uphold the expansion of Baltic International Bank presence in the domestic market (Latvia) and in other target markets, they have made the decision to increase Bank’s capital by EUR 6 million. The shareholders Valeri Belokon and Vilori Belokon emphasize: „In 2018, Baltic International Bank will be celebrating the 25th anniversary of its foundation. This year, we strongly intend to provide our customers just with all the best that we have in stock, including new financial solutions, new opportunities, and unchangeably superb personalised service! The Bank has already done substantial preparatory work which will enable us to enhance and expand Bank’s business in new directions. A team of energetic and dedicated professionals has been assembled, new target markets have been analysed, and a broad array of products and services has been developed. We firmly believe that the capital-increase will give a decisive fillip to the expansion of Bank’s business both domestically and internationally. The bottom line is that Bank’s current and potential customers will all be winners!” The shareholders’ meeting held on 26 January 2018 made the decision to increase Bank’s share capital by EUR 6,000,004.10 (six million four Euros and 10 cents) through issuing 845 071 (eight hundred forty five thousand seventy one) dematerialised ordinary registered shares. After the finalization of Bank’s capital increase, the new subscribed share capital will total EUR 37 496 399,30  and will be represented by 5 281 183 registered voting shares.  

Viktors Bolbats takes the position of the Deputy Chairperson of the Management Board

Starting from 2 January 2018, Viktors Bolbats takes the position of the Deputy Chairperson of the Management Board of Baltic International Bank. With Viktors Bolbats taking the position of the Deputy Chairperson of the Management Board of Baltic International Bank, composition of the Management Board remain unchanged. It consists of 5 members: Chairperson of the Management Board - Ilona Gulchak, Deputy Chairperson of the Management Board - Viktors Bolbats, members of the Management Board - Alons Nodelmans, Bogdans Andrushchenko and Anda Saukane.