PROJECT

Projects

Summary of Proposed Investment

Project Number

4880

Company Name

A/S Vereinsbank Riga

Date SPI Disclosed

Nov 7, 1995

Country

Latvia

Industry

Financial Markets

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

C - No Impact

Previous Events

Approved : Apr 26, 1996
Signed : Aug 22, 1996
Invested : Dec 11, 1996

Project Description

Summary Of Project Information (SPI)

Project NameLatvia-Latvian Joint Venture Bank
     
RegionEurope
Sector
Project No004880
Projected Board DateDecember 1, 1995
Company NameLatvian Joint Venture Bank
Technical Partner and/or Major Shareholders

Vereins- und Westbank 51% (Technical Partner and Majority Shareholder) Rigas Komercbanka (Local Partner) 30% IFC 19%

Project Cost Including proposed IFC investment

US$7 million; Proposed IFC investment US1.4 million

Location of project and Description of site

Riga, Latvia

Description of Company and Purpose of Project

The company is a newly to be created joint-venture bank primarily engaged in trade finance. It is expected to enhance banking standards in Latvia. The bank’s client base will consist of Latvian export/import companies trading with Western Europe and Scandinavia.

Environmental Category and Issues

This is an environmental review category C project. There are no environmental issues.

Date SPI sent to PIC November 7, 1995

For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365

Sponsor / Cost / Location