ABLV Bank

Overview

ABLV has three primary lines of business: private banking, investment and financial planning.

Following accusations of money laundering by the United States Department of the Treasury and continued pressure from national regulatory agencies, on 26 February 2018 the ABLV board voted to start the process of voluntary liquidation.

History

The bank was founded on 17 September 1993 on the basis of the Bank of Latvia regional branch in the city of Aizkraukle, thus the bank was named Aizkraukles Banka.

Headquarters

The main office of ABLV Bank is situated in the so-called quiet center of Riga, in an Art Nouveau tenement house dating back to the beginning of the 20th century. The author of the house is architect-engineer Mr. Hibig, while facades were designed by Mr. Giesecke.

ABLV is represented in 9 foreign countries (Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Uzbekistan, Hong Kong, Cyprus and Luxemburg) — 11 representative offices in different cities and the subsidiary bank in Luxembourg ABLV Bank Luxembourg, S.A. The bank's 34-page response contained more than 170 references to US law, court decisions, materials of Congress, internal documents of the bank and other documents.

Lines of business

ABLV Bank provides wide range of banking products and services:

• Settlement and Cash Services;
• Payment Cards;
• Remote Account Management;
• Loans;
• Documentary Operations;
• Fiduciary Transactions;
• Safe Deposit Boxes

ABLV group renders investment management and brokerage services, such as:

• Deposits; Bank Bonds, Mutual Funds;
• Asset Management;
• Brokerage Services;
• Securities Custody.

Providing advisory services, ABLV group offer legal and tax solutions for protection and efficient management of customer's assets:

• Asset Protection;
• Charitable Foundations;
• Commercial Companies;
• Legal Advice;
• Tax Advice;
• Administrative Services.

Shareholders

The bank's controlling interest is held by Ernest Bernis (43%) and Oleg Fil (43%). The bank's other shareholders include top management, employees, and the bank's long-term partners and customers.

ABLV Bank is a member of the Association of Latvian Commercial Banks, which protects interests of Latvian banks both in domestic and foreign markets, certifies banking specialists.

Sanctions

ABLV was sanctioned by the United States for facilitating prohibited transactions for North Korea. The bank has been banned from the American financial network. Bill Browder has alleged that the bank was being used by Russians for money laundering purposes, a complaint being investigated by the European Central Bank and the Latvian Control Service.