TRASTA KOMERCBANKA

Trasta komercbanka (formerly Riga Bank) was a Latvian joint-stock commercial bank founded in 1989. It was reorganised as a joint-stock company in 1991 and received Latvian Bank licence No. 8 on 12 December 1991. In 1996 it was renamed AS Trasta komercbanka. The bank expanded internationally, opening representative offices in Belarus (2002), Ukraine and Russia (2003), Kazakhstan and Canada (2004), and Bulgaria (2007), and its first branch in Cyprus in 2006. In 2005 it established subsidiaries TKB Nekustamie īpašumi and TKB Līzings. Its major shareholders included Igors Buimisters (33–50%) and Ivans Fursins (indirectly 20–33%). On 3 March 2016 the European Central Bank, on the proposal of Latvia's Financial and Capital Market Commission (FKTK), revoked the bank's licence due to prolonged losses, an unviable business model, and long-standing deficiencies in anti-money laundering and counter-terrorist financing. On 14 March 2016 the Riga City Vidzeme District Court declared the bank to be liquidated. On 27 February 2017 FKTK filed an insolvency petition, and on 10 March 2017 the court declared the bank insolvent, with bankruptcy proceedings starting on 16 March 2017. The bank's website now serves as a notice board for insolvency-related announcements, including the closure of its Trast.Net internet bank and asset sales.

Trasta komercbanka was founded in 1989 under the name Riga Bank. In 1991 it was reorganised as a joint-stock company and registered in the Enterprise Register on 27 September; on 12 December it received Latvian Bank licence No. 8. In 1992, Riga Bank was one of the first to join the Commercial Banks Association. On 12 April 1996 the bank was renamed AS Trasta komercbanka. In 1997 it became a member of the Riga Stock Exchange and the Central Depository. International expansion followed: a representative office opened in Belarus in 2002, in Ukraine and Russia in 2003, in Kazakhstan and Canada in 2004, and in Bulgaria in 2007. In 2006 the first branch was opened in Cyprus. In 2005 subsidiaries TKB Nekustamie īpašumi and TKB Līzings were established. In 2013 the bank became a member of the Latvian Chamber of Commerce and Industry. On 3 March 2016 the European Central Bank, on the proposal of the Financial and Capital Market Commission (FKTK), revoked the bank's licence. FKTK had concluded that the bank had long operated at a loss, its business model was not viable, and it had failed to develop a realistic strategy. Long-standing deficiencies in anti-money laundering and counter-terrorist financing were also found. On 14 March 2016 the Riga City Vidzeme District Court declared Trasta komercbanka to be liquidated. On 27 February 2017 FKTK filed an insolvency petition with the court, which on 10 March 2017 declared the bank insolvent. On 16 March 2017 it was announced that bankruptcy proceedings had begun. The bank's website later posted notices about the closure of its Trast.Net internet bank and asset sales.

• Bank founded as Riga Bank

• Reorganised as joint-stock company and registered

• Received Latvian Bank licence No. 8

• Joined the Commercial Banks Association

• Renamed AS Trasta komercbanka

• Became member of Riga Stock Exchange and Central Depository

• Representative office opened in Belarus

• Representative offices opened in Ukraine and Russia

• Representative offices opened in Kazakhstan and Canada

• Subsidiaries TKB Nekustamie īpašumi and TKB Līzings established

• First branch opened in Cyprus

• Representative office opened in Bulgaria

• Became member of Latvian Chamber of Commerce and Industry

• ECB revoked the bank's licence

• Court declared bank to be liquidated

• FKTK filed insolvency petition

• Court declared bank insolvent

• Bankruptcy proceedings announced

A Latvian commercial bank with international representative offices, later known for its licence revocation and insolvency.

• Commercial banking services

• Trast.Net internet banking

• TKB Līzings leasing

• TKB Nekustamie īpašumi real estate

• Licence revocation for AML/CTF deficiencies and unviable business model

Read more

1. 1Trasta komercbanka - Jaunumitkb.lv
2. 2TRASTA KOMERCBANKA - Wikidatawikidata.org
3. 3Trasta komercbanka - Wikipedialv.wikipedia.org