This year Latvia celebrates its 100th birthday and so do we! 20 years have passed and we are very happy for so many loyal clients and partners. We are very thankful for all our clients, partners and agents, who are choosing us as a business partner. A lot have changed in business and banking sector. Cryptocurrency has reached its edge, one of the biggest banks in Latvia has been liquidated, Money Laundering, Know Your Client and GDPR requirements has been supplemented and made us review all our procedures. Looking into the future we would like to help entrepreneurs that have substance of business and also to discover all the advantages of doing businesses in Latvia. Next year we will ask our clients to visit us and meet in person or organise skype meetings in order to know each other better, establish more personal relationships and have faster and more effective communication.
According to Coin Market Cap, which calculates the average price on more than 20 exchanges, Bitcoin lost its value by 10.17%, to USD 3,879 thousand. At the Binance Exchange, the largest cryptocurrency exchange in terms of trading volumes, Bitcoin fell in price by 10.71%, to USD 3.976 thousand.
On Monday, November 19, Bitcoin reached the psychological mark of five thousand dollars. The fall is attributed to the fact that previously Bitcoin Cash had division into two – Bitcoin ABC and Bitcoin SV, which led to the destabilization of the cryptocurrency market.
In October, ABLV Bank’s liquidators returned EUR 65.911 million in bank’s assets, which is 2.8 times more than in September. Specifically, EUR 16.465 million was returned from previously granted loans, EUR 48.643 million was returned from the return and sale of securities, EUR 600 thousand was returned from loans to lending institutions, and EUR 203 thousand was returned from the sale of movable and other property. As such, starting from June 13, 2018, when the bank’s voluntary liquidation process began, the liquidators of ABLV Bank have managed to return a total of EUR 169.848 million. As of September 30, the amount of deposits in ABLV Bank was EUR 1.6 billion, subordinated liabilities amounted to EUR 140.233 million, and issued securities were equal to EUR 302.879 million. As a whole, the assets of ABLV Bank as of October 31 amounted to EUR 2.368 billion.
As reported, on February 26, in order to protect the interests of customers and creditors, and taking into account the decision of the European Central Bank to begin the process of liquidation of ABLV Bank, the general meeting of shareholders decided to initiate voluntary liquidation of the bank. The bank’s problems began after a report published by the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) regarding expected sanctions against ABLV Bank for implementation of money laundering schemes. The lawyers of the bank issued two sets of proceedings against the ECB and two sets of proceedings against the SRB.
As from 9th November Norvik Banka has changed its name to PNB Banka. The bank will continue to provide all the existing services and for the bank’s clients and all the contracts and agreements concluded previously with AS Norvik Banka remain in force.
The Chairman of the Board of PNB Banka Oliver Bramwell noted: “We are a bank for people; therefore, we not only shorten but also expand the name by adding the value – a person. The letter “P” in the new name is borrowed from the word “people”. Thus, the new name of the bank, PNB Banka, covers one of the basic values of our current activity – a person and human relations.”
In parallel with the introduction of the new name, they will also improve their customer servicing process by introducing new quality standards at all levels of the bank’s operation, including the employee trainings.
Kazakhstan has set the goal of becoming one of the world’s next big investment destinations, as informed the country’s deputy prime minister, Askar Zhumagaliyev. Several billion pounds of inward investment is expected to enter Kazakhstan over the next five years, as global organizations seek to benefit from a streamlining of government services, additional opportunities linked to the New Silk Road and increased investment support.
The UK is among the top 10 trading partners in terms of turnover, as well as among the six largest investors in Kazakhstan, which accounts for almost 5% of the total volume of attracted foreign investment.
Trade between Kazakhstan and the UK in 2017 increased by 1.5% and amounted to $1.28 bn. Exports rose to $926.7 m. In the first quarter of 2018, the total turnover of mutual trade amounted to $252.6 mn, exports from imports reached $158.8 m and $93.8 mn, respectively.