10 September Bank news

New Accor hotel to be constructed with AS Reģionālā investīciju banka’s funding of EUR 2.8M

The hotel building in Riga, at 23 Krišjāņa Valdemāra Street, where a new hotel of the global chain Accor will be constructed, was purchased by the hotel developer SIA F.L.R. Hotel Latvia with the funding of EUR 2.8M allocated by AS Reģionālā investīciju banka (hereinafter – ‘RIB’).
“This will be the first investment in Latvia for the hotel owners, and due to AS Reģionālā investīciju banka’s responsive attitude, it was possible to close the deal on the purchase of the hotel in these times difficult for the society, economy and the tourism industry”, Aigars Gerhards, F.L.R. Hotel Latvia representative, says.
“For the bank, this transaction will serve as an example of the way we are willing to cooperate with Latvian companies in the field of lending, namely, by analysing in detail the essence of the project and taking into account the prospects of the customer’s business. The bank highly valued the customer’s business model, which is based on the thought-through development plan, valuable assets and the attraction of world-level partners”, Armands Kokainis, Head of the RIB Corporate Service Department, says.
At the end of the first half of this year, RIB assets amounted to EUR 269.03M, whereas its capital and reserves amounted to EUR 36.16M. The bank closed the first half of 2020 with the profit of EUR 731K.