Banka Baltija
 | |
| Industry | Banking, Financial services |
|---|---|
| Founded | 1993 |
| Defunct | June 12, 1995 |
| Fate | Bankrupt |
| Headquarters | , |
Area served | Latvia |
Key people | Aleksandrs Lavents (Chairman); Tālis Freimanis (President) |
Number of employees | 1,300 (1994) |
Banka Baltija was a Latvian bank, that in the early 1990s was a leader in Latvian banking system. It was founded in 1993 and closed down due to bankruptcy in 1995.
History
Banka Baltija was founded in 1993, and had a very fast development. It offered high interest rates to savers and attracted a large number of clients. Its assets rose from US$25 million from 1993, to 242 million dollars in 1994, reaching 500 million in 1995. The bank's capital rose from 1 million in 1993, 20 million in 1994 to 44 million in 1995. Banka Baltija had 37 branches and 49 settlement groups all over Latvia employing 1300 people. In April 1995, when a financial crisis started, Banka Baltija had 283 million dollars in deposits and had given credits of 283 dollars[dubious ].[citation needed]
Bankruptcy
In June 27, 1995, following the bank crisis, The Supreme Court of Latvia (lv) found Banka Baltija insolvent. In 2007 bank's chairman Aleksandrs Lavents and president Tālis Freimanis were sentenced to imprisonment.[1]
References
- ^ "Bēdīgi slavenā Banka Baltija beidzot izslēgta no uzņēmumu reģistra / The notorious Banka Baltija was finally excluded from the business register" (in Latvian). nra.lv. April 3, 2018.