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Summary of Project Information (SPI)

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Project number	4880
Project name	A/S Vereinsbank Riga
Country	Latvia
Sector	Finance & Insurance
Department	Global Financial Markets Group
Company name	A/S Vereinsbank Riga
Environmental category	C
Date disclosed	November 7, 1995
Status	Completed
Previous Events	Invested: December 11, 1996 Signed: August 22, 1996 Approved: April 26, 1996

Summary Of Project Information (SPI)

Project Name	Latvia-Latvian Joint Venture Bank

Region	Europe

Sector

Project No004880
Projected Board DateDecember 1, 1995
Company NameLatvian Joint Venture Bank
Technical Partner and/or Major Shareholders

Vereins- und Westbank 51% (Technical Partner and Majority Shareholder) Rigas Komercbanka (Local Partner) 30% IFC 19%

Project Cost Including proposed IFC investment

US$7 million; Proposed IFC investment US1.4 million

Location of project and Description of site

Riga, Latvia

Description of Company and Purpose of Project

The company is a newly to be created joint-venture bank primarily engaged in trade finance. It is expected to enhance banking standards in Latvia. The bank’s client base will consist of Latvian export/import companies trading with Western Europe and Scandinavia.

Environmental Category and Issues

This is an environmental review category C project. There are no environmental issues.

Date SPI sent to PIC

November 7, 1995

For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365