Baltic International Bank, a private Latvian bank, has successfully completed its euro changeover, with euro-denominated financial products available to customers as of Jan. 1.
Lats-denominated holdings in the bank's accounts were automatically converted at the fixed exchange rate at the start of 2014.
"We're glad that the changeover has proceeded smoothly and rapidly. We're pleased that we were able to ensure qualitative and uninterrupted service for our customers, largely due to our professional and qualified staff members. Special thanks to them!" Baltic International Bank Chairperson Ilona Gulchak said.
It will be possible to exchange lats for euros at the rate of 0.702804Lats/euro at tellers' desks until June 30.
Baltic International Bank was established in 1993 and is headquartered in Riga. The bank also has representative offices in the U.K., Russia and Ukraine. Today, the bank operates as a universal bank and provides standard banking services, deposits and investments, and family wealth management.
As of Dec. 31, 2011, the company had total assets of $421.58 million and deposits of $354.84 million.
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