AS HANSAPANK		

ANNOUNCEMENT

22.10.99

 

 

ABOUT HANSABANK-LATVIA’S RESULTS

 

 

Hansabank - Latvia informs that according to the summary of the 

Latvian Commercial Bank Association for last year, Hansabank - 

Latvia is the third largest bank in Latvia when measured by 

deposits and loans.

 

Clients’ deposits in Hansabank- Latvia doubled in 1998 

amounting to 108 million LVL at the end of the year. The loan 

portfolio stood at 58 million LVL and total assets 143 million 

LVL.

 

At the end of last year, Hansapank invested additional 4 

million LVL in Hansabank - Latvia increasing the total share 

capital to 14 543 thousand LVL.

 

According to preliminary results Hansabank - Latvia incurred a 

loss of 2,9 millions LVL in 1998, the largest part of which was 

formed by write-offs of Russian government securities, loan 

provisions and merger related expenses. Consequently there are 

no more Russian state securities on the JSC Hansabank - Latvia 

balance.

 

The audited year results of the JSC Hansabank - Latvia will be 

announced in February, 1999.

 

 

 

HANSABANK Ltd.

 

 

 

Mart Toevere

Analyst

Tel. +372 6131 569