Banks, Financial Services, Latvia, Legislation

GE Money Bank parent company GE Capital announced its intention of leaving the Latvian market more than a year ago. The bank was to be sold to Russian financial corporation Otkritie, but the Financial and Capital Market Commission did not allow the deal.

Alongside reviewing strategic opportunities for exiting the Latvian market in a well-thought-out and responsible manner, the bank continues its everyday operations, the bank's representative Janis Beseris informed Nozare.lv.

According to GE Money Bank report for 2012, selling the bank remains the main priority. The alternative scenario envisages refusing the banking license and transfer of liabilities on to another bank. In this case, the bank's assets or part of them could be sold, writes "Biznes&Baltija".