Representative Office Licence Extended
In February 2010, the Central Bank of the Russian Federation issued to Baltic International Bank (one of the few Latvian banks so licensed) a supplement to the representative office licence. According to the supplement, the bank is authorised to operate its Moscow-based representative office during the next three years.
In 2004, the Central Bank of the Russian Federation licensed the bank to open a representative office in Moscow. Apart from a detailed monitoring of economic and financial developments and the overall situation in Russia’s banking sector, the representative office’s key activities include providing informational, legal and actual support for projects initiated in the Russian Federation both by the bank and its clients.
The bank believes that its presence in the Russian Federation is among the top priorities for driving growth prospects in the coming years, because the representative office’s activities in Moscow significantly contribute to effective and long-term partnership with the clients.