Bank of Moscow Gets Permission to Buy Latvijas biznesa banka

Latvian Finance and Capital Commission permitted the Municipal Bank of Moscow to buy more than 50% of the shares of Latvijas biznesa banka, the Chairman of which informed a local news agency that the Bank of Moscow is a strategic investor that will own 99.54% of the Latvijas biznesa banka's capital. The Bank of Moscow has Moscow government as its main shareholder. Until now the 99.54% of the Latvijas biznesa banka's shares belonged to the Mosbusinessbank, the rest being owned by Latvian individuals.

The Latvijas biznesa banka's equity is $4.5 million, and according to the Latvian Banks Association, it was the bank No 21 out of the 23 banks operating in Latvia.