OREANDA-NEWS. On 22 December 2008 was announced, that Swedbank received National Capital Award that was for the first time given by Latvian business magazine Kapitals. In the survey TOP 101 most valuable companies in Latvia, a survey annually conducted by the magazine in co-operation with IBS Prudentia and NASDAQ OMX Riga Stock Exchange, Swedbank is a front-runner for the second consecutive year. This year the value of the leading company was estimated at LVL 873.88m.

Mr. Maris Avotins, CEO of Swedbank in Latvia, pointed out that the previous year has shown that there is a need to think about the development in the long run. "Reputation and development of long-term relations is a framework for growth. Operational planning in the long-run, continuous improvement of operational efficiency and customer service are the underlying factors important for any company when planning its operations not only one or two years ahead but in the perspective of 10, 30 and 50 years," emphasized Mr. M. Avotins.

National Capital Award is a bronze cast of the hand of the chief executive officer of the winning company. According to the information provided by the makers of the top list, the candidate list included those companies which had submitted their annual accounts of 2007 to the Register of Enterprises until mid-October 2008 when the list of the most valuable companies in Latvia was being made. The survey TOP 101 of the most valuable companies in Latvia reflects their enterprise value.

The survey organizers emphasize that this year all the companies were assessed with the help of the method of relative multiples which enabled to fairly view companies in Latvia in the context of similar European companies.