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Changes in personal data processing in accordance with GDPR

In accordance with the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679 of the European Parliament and of the Council (27.04.2016) on the protection of private persons with regard to the processing of personal data and on the free movement of such data) which will be applied in every Member State of the European Union from 25 May 2018, we kindly ask you to read the Notification of Personal Data Processing and related documents:  Personal Data processing

Patriotism begins with self-respect - Valeri Belokon

"I’m not a racer. Rather, I’m a traveller. I am not always eager to come first. For me, it is much more important to complete the whole route”, says Valeri Belokon, the shareholder and the Chairperson of the Supervisory Board of Baltic International Bank and a steadfast patron of arts. Baltic International Bank has been staying on track and succeeding for already 25 years. In his interview to «Открытый город» (Open City) magazine, Valeri Belokon provides a glimpse into Bank’s past, tells about the courage and capability to find and follow one’s own path, and outlines Bank’s future plans for development!    READ THE INTERVIEW (RU)  

Information about legislative changes to be made known to Bank’s customers

At the end of April 2018, the Parliament (Saeima) of the Republic of Latvia passed the resolution to amend the AML/CFT Act (Money Laundering and Terrorist Financing Prevention Act) of the Republic of Latvia. Certain amendments envisage imposing stringent restrictions on banks incorporated in the Republic of Latvia. The restrictions apply specifically to cooperation with bank customers (corporates vehicles) which meet the criteria of shell companies and are therefore labelled as shell companies. Under the AML/CFT Act („Noziedzīgi iegūtu līdzekļu legalizācijas un terorisma finansēšanas novēršanas likums”), a shell company (shell arrangement) means a legal entity that can be identified by one or more red flag indicators: a legal entity’s connection with its actual business operations is not provable; the legal entity produces little to no independent economic value; the credit institution does not possess any documentary proof to the contrary; the laws of the jurisdiction of the entity’s incorporation do not envisage the obligation to prepare and file its annual financial statements with relevant supervisory authorities, including annual financial statements; the legal entity does not maintain a permanent establishment / a fixed place or business (premises) in the jurisdiction of the entity’s incorporation. Already in autumn 2016, Baltic International Bank adopted its new operational strategy geared towards wealth management and investing activities. In 2017, Bank embarked on reshaping its business model and aligning it with the strategy. The implementation of the new business model entailed a substantial change in the structure and the number of Bank’s customers in the first half-year of 2017. Also, we saw a decrease in the number of customers using corporate vehicles, known as shell arrangements, for their financial operations. In 2016, Bank’s USD-denominated transactions with shell arrangements, as a percentage of Bank’s aggregate number transactions, reached nearly 11% (in the first half-year of 2017: below 3%). 

Baltic International Bank is proud to celebrate its 25-year milestone!

Today, on 3 May 2018, Baltic International Bank is celebrating its 25th anniversary. We have been continuing through the quarter-century-long journey while being guided by values such as love for our country, respect for our customers, our shared dreams and goals, and mutual trust. We’re so proud of having been together with you, our team members, customers and partners, for 25 years. We have always kept moving forward while tackling various challenges and paving ever new directions and finding ever new opportunities for Bank! Please accept our congratulations on the occasion of the 25th anniversary of Baltic International Bank!    

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