OREANDA-NEWS. ABLV Bank, AS, has established new company - AmberStone Group, AS, investing EUR 4.9 million in its share capital. AmberStone Group, AS, will operate as holding company, managing its own investments.

One of the objectives of establishing AmberStone Group, AS, is to separate the business activities not related to provision of financial and banking services from ABLV Group. It is planned that by the end of 2015 the share capital of new company will be raised to EUR 25 million through attraction of new shareholders among the shareholders, customers and partners of ABLV Bank, AS.

The members of the Board of AmberStone Group, AS, will be Agris Grinbergs, who is appointed the Chairman of the Board, as well as Karlis Kavass and Maris Kannenieks. ABLV Bank, AS, Chief Executive Officer Ernests Bernis will be the Chairman of the company's Council.

Although shares of AmberStone Group, AS, are not yet publicly traded, the company will prepare quarterly reports and disclose information on significant events from the outset in order to provide basis for listing of the company's shares at NASDAQ OMX Riga stock exchange in future.

ABLV Bank, AS is the largest independent private bank in Latvia. The bank's majority shareholders - Olegs Fils, Ernests Bernis and Nika Berne - directly and indirectly hold 86% of the bank's share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Yekaterinburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Dushanbe, Baku, and Tashkent.