OREANDA-NEWS. June 06, 2008. PrivatBank, Riga, signed a EUR 5,000,000.00 Facility Agreement with BAYERISCHE LANDESBANK, Munich. The facility agreement is fully guaranteed by the parent bank of AS “PrivatBank” – Closed joint-stock company commercial bank “PrivatBank” (Ukraine), reported the press-centre of PrivatBank.

The Borrower in Brief:

AS "PrivatBank" (former AS “PARITATE BANKA”) was established in 1992 and is one of the oldest banks in Latvia.

AS “PrivatBank” is a universal commercial bank and provides a wide range of banking services to its retail and corporate clients including deposit taking, granting loans, cash settlement, foreign exchange, and other banking services.

According to the result of 2007 the consolidated profit of AS “PrivatBank” has reached EUR 1,68 million and exceeds the bank’s results of 2006 by more than 11%. In 2007 AS “PrivatBank” continued to increase its capital - by 121% up to EUR 21,35 million, as well as assets by 29% up to EUR 192,4 million. As of January 1, 2008 the credit portfolio made up EUR 132,8 million which by 60% exceeded the figure of January 2007.

Deposits of individuals with AS “PrivatBank” have increased by 11,4% in amount up to EUR 29,8 million in 2007. 

The bank offers a wide range of services to both private and corporate clients in Latvia and abroad.

The bank’s strategy consists of three directions: retail business - to expand the branch network; to service Ukrainian natives abroad; to service import – export money flows from the ex-SU countries to EU countries.