Thu, 21 Oct 1999: Rigas Komercbanka lives under a new name…



18 that the bank, based on Smilsu Street in Riga's financial district, will hang out a new shingle bearing Pirma Latvijas Komercbanka - First Commercial Bank of Latvia - or PirmaBanka. "This bank is back and back to stay," said former Swedbank executive director Hakan Kallaker who has been confirmed by Latvia's central bank as the new bank's president. "I believe in this bank. I took this position not as a job but as a cause. We are in good shape with a strong shareholder in the Bank of Latvia."The central bank capitalized debt worth about 18 million lats ($31.6 million) to help the bank back onto its feet.PirmaBanka will almost immediately begin to entertain bids from German and Nordic banks who wish to be strategic investors and hope to ... Read the rest of this entry »

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