OREANDA-NEWS. April 05, 2011. During the general shareholders' meeting of the Latvian commercial bank Latvijas Krajbanka managed by AB Bank SNORAS, the year 2010 financial accountability of the bank was confirmed and the profit, which was earned last year, was distributed. After the bank shareholders made the decision to withdraw from the stock exchange, March 31 is the last day of trading with shares, reported the press-centre of Bank SNORAS.

Latvijas Krajbanka, controlled by Bank SNORAS, earned LVL 1,551 million (LTL 7,55 million) of unaudited net profit last year. Upon the shareholders' decision, a part of 2010 profit – LVL 170,61 (0.011 per cent of the entire profit obtained last year) is designated to pay out the dividends for the owners of preferred shares. LVL 0.06 of dividends will be allotted for one preferred share.

During the meeting Latvijas Krajbanka shareholders affirmed Ernst & Young Baltic as the audit company which will be auditing the bank's activity in 2011. The audit company will be paid for the services not more than LVL 75,000, including the value added tax.

March 31 will be the last day when the shares of Latvijas Krajbanka will be traded at Nasdaq OMX Riga Stock Exchange. Still at the end of last year, Latvijas Krajbanka shareholders decided to withdraw from the stock exchange due to the low liquidity of shares in the market; therefore, Bank SNORAS, managing the bank, provided an official offer to buy up the remaining shares from small shareholders. Via this offer, which expired at the end of February this year, Bank SNORAS increased the share of the available shares of Latvijas Krajbanka by 5.3 per cent, up to 94.2 per cent.

“Latvijas Krajbanka shares have been listed in the stock exchange since 2004. The stock exchange provides companies with an opportunity to attract investors and more capital; however, given the current expansion strategy of the bank, there is no such necessity,” says Ivars Prieditis, the Chairman of the Board of Latvijas Krajbanka.

According to the statement of Raimondas Baranauskas, the President of AB Bank SNORAS and the Chairman of the Supervisory Board of Latvijas Krajbanka, after enhancing Latvijas Krajbanka control, it is planned to further strengthen positions on the Latvian market by performing expansion and offering new products and services for the market.

The assets of Latvijas Krajbanka increased by LVL 86 million (LTL 418,33 million) within last year and on 31 December 2010 stood at LVL 656 million (LTL 3,19 billion). Last year Latvijas Krajbanka maintained the firm positions in the market of the Latvian commercial banks and according to the main activity indicators, among 29 banks operating in the country, it occupied the sixth position according to the deposit portfolio and the tenth position according to the loan portfolio and the size of the assets.

According to the number of the customer service subdivisions, Latvijas Krajbanka occupies the first place among the Latvian commercial banks. The bank provides the services to its clients in 108 customer service subdivisions, 28 of which are mini-banks. Latvijas Krajbanka manages the network of 198 ATMs.

The share capital of Latvijas Krajbanka amounts to LVL 25,824 million (LTL 125,62 million).

During 85 years of providing its services to customers, Latvijas Krajbanka has become the Latvian commercial bank which maintains the deepest traditions of banking. It commenced its activity in 1924 as the savings bank of the Latvian post office.