RIGA, 21-Nov-2016 — /EuropaWire/ — For the purpose of administrative optimization of ABLV Group, several changes were performed in November 2016.
Keeping structural reorganization of ABLV Group companies, few of them were renamed. Subsidiaries of Pillar Investment Group, AS were renamed as follows: Pillar Investment 1, SIA — NHC 1, SIA; Pillar Investment 2, SIA — NHC 2, SIA, and Pillar Investment 3, SIA — NHC 3, SIA.
In November, the following new subsidiaries of Pillar Investment Group, AS were additionally established: NHC 4, SIA, NHC 5, SIA and NHC 6, SIA. The share capital of each subsidiary amounts to EUR 10 000. Respectively, ABLV Bank, AS has acquired indirect qualifying holding in the above companies (via Pillar Holding Company, KS where ABLV Bank, AS is a member (a limited partner) and which holds 88% of Pillar Investment Group, AS shares).
Pillar Investment Group, AS operation is aimed at investing its own and third parties’ funds in commercial properties, as well as at managing its property portfolio with the purpose to increase rental incomes and the value of the properties in the longer term.
The following ABLV Group companies were also renamed: New Hanza City, SIA — Pillar Development, SIA, NHC Utilities, SIA — Pillar Utilities, SIA.
As previously agreed, ABLV Private Equity Fund 2010, KS, a subsidiary of ABLV Bank, AS, was wound up and excluded from the Commercial Register of the Register of Enterprises of the Republic of Latvia. ABLV Private Equity Fund 2010, KS was a private equity fund established by ABLV Bank, AS in 2010 in order to invest in leading and promising Latvian companies. During its activity, the fund successfully implemented several investment projects, which had been providing more than 20% of average annual return on the invested capital.
As all investment projects of ABLV Private Equity Fund 2010, KS had been implemented, it was decided to wind up the company. Respectively, the direct qualifying holding of ABLV Bank, AS as a member (a limited partner) in ABLV Private Equity Fund 2010, KS has expired.
The announcement contains inner information.
ABLV Bank, AS is the largest independent private bank in Latvia. The bank’s major shareholders — Oļegs Fiļs, Ernests Bernis and Nika Berne – directly and indirectly hold 86.55% of the Bank’s voting 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, Vladivostok, Kiev, Odessa, Minsk, Almaty, Baku, Tashkent, Hong Kong, Limassol, and New York.
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ABLV Bank, AS
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