London, 22 November 1996 (RFE/RL) - The European Bank for Reconstruction and Development says it is acquiring a 23 percent share of the third largest bank in Latvia, Rigas Komercbanka (RKB).
The London-based EBRD said in a statement that the $6 million investment is part of its strategy for strengthening the capital base of leading private banks in the Baltic country.
EBRD deputy vice president David Hexter said the move will facilitate the flow of capital to the corporate sector from RKB whose clients include many of Latvia's leading corporations.
He said it will enable RKB to better serve the growing financing needs of its clients and enhance competition in Latvia's banking sector.