Losses of Latvijas Unibanka constitute $8.7 million Ls ($15.22 million), the bank's press service informed on January 18. According to a spokesman of the bank, L. Liepini, the bank's administration has decided to write off 70% investments in Russian securities for losses. Reserves totaling 40% had been, however, made for the remaining part of the portfolio. The spokesmen of the Latvijas Unibanka have emphasized, in particular, that additional reserves had been established on different loans granted to Latvian companies connected with the Russian market. The available capital of the bank constituted 32.9 million Ls ($57.5 million) as of December 31,1998. The assets increased by 7 million Ls ($12.25 million) in December, the deposits placed by natural persons - by 2 million Ls ($3.5 million). The bank has managed to increase its participation in almost every banking market segment. The stocks of the Unibanka are priced at Rigas Fondu and at the London and Berlin stock exchanges. Skandinaviska Enskilda Banken (Sweden) is the Unibanka's strategic investor.

Source: RosBusinessConsulting