February 22, 2018 / 8:25 PM / a year ago

Latvia's ABLV says it can survive as smaller bank, should not be shut

A logo of the ABLV Bank is pictured in Riga, Latvia February 18, 2018. REUTERS/Ints Kalnins

RIGA (Reuters) - Latvia’s third-largest bank ABLV could have a future, albeit as a far smaller business, one of the group’s top executives told Reuters, appealing for the bank not to be wound down.

“We believe that the bank has a future, on the basis of a substantially reduced business,” Vadims Reinfelds, deputy chief executive, told Reuters in an interview.

“What we are looking for here is a medium-term or even longer-term solution. If that is not possible, then resolution is the alternative,” he said, referring to a possible winding-down.

“The business can be restructured without resolution,” Reinfelds said. He said the bank was “systemic”, meaning that it was so important for Latvia’s financial system that its problems could spill over to affect others.

Reporting By John O'Donnell; Editing by Kevin Liffey

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