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Friday 01.08.2014 | Name days: Albīna, Albīns
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SMP Bank in Latvia will not be affected by U.S. sanctions

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUBy handing over the controlling package of shares of the Russian Severniy Morskoy Putj Bank to residents of the Republic of Latvia, SMP Bank has managed to avoid sanctions imposed by USA.

According to the bank’s statement in the regard to the sanctions USA imposed against several officials and companies of the Russian Federation on April 28th, Severniy Morskoy Put registered in Russia is not the holder of the controlling package of shares in the Latvian SMP Bank, because as a result of last week’s deal, the controlling package of shares now belongs to a group of minority shareholders. All of them are residents of the Republic of Latvia.

With that, SMP Bank’s management has all the reasons to believe American sanctions will not apply to SMP Bank.

The bank is currently engaged in its day-to-day activities in its regular mode. The bank is fully capable of providing quality service to its clients.

It was previously reported that the Financial Capital and Market Commission had received information that the total number of shares in SMP Bank owned by Severniy Morskoy Put reduced to 49% on April 24th.

Multiple residents of Latvia are the ones who received the shares in SMP Bank. They are management representatives in SMP Bank, and they have increased the number of shares they own. It is reported that shares of each of them have not increased by more than 10%. There is no need for FCMC to issue a specific permission for this deal.

This March, Chairman of SMP Bank Arkady Rotenberg was added to the list of U.S. sanctions against Russia. The same applies to SMP Bank co-owner Boris Rotenberg. Arkady and Boris Rotenberg are both Council members in Latvia’s SMP Bank.

Ref: 103.109.109.5757


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  1. Mike Walsh says:

    What happened to my expressed opinion?

    Thumb up 0 Thumb down 0

  2. Josh says:

    I guess the editors think like I do that you are most likely paid by who knows who!! to write radically “expressed” comments that totally slam the western world. I think you are a most likely a professional blogger who comments on anti-western propaganda on all news and media sites. To be honest its people like you who make this world a dangerous place, anyone with a sense of common sense will understand exactly what you are trying to achieve. Wake up for Gods sake and take a good look at yourself.

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    • jj says:

      Well he does have a Russian language website published from Spain – its obvious where the money comes from :-)

      Thumb up 0 Thumb down 0

  3. Michelle says:

    Interesting how quickly this significant change in ownership was able to take place. Would like to see some legal documentation verifying this occurred as opposed to a press release.

    Thumb up 0 Thumb down 0

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