The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
300 - 900 jobs Number of planned job losses
Announcement Date
27 February 2018
Employment effect (start)
4 March 2018
Foreseen end date
10 March 2018
Description
On 27 February 2018, the CEO of the bank announced in a press conference that ABLV bank is going to lay off 300 employees next week. He said that the bank is laying off finance and marketing experts, among others. The bank has more than 900 employees in total.
On 13 February 13 2018, the USA Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice accusing ABLV Bank of money laundering. ABLV was promptly denied US dollar funding. Following this announcement, the bank experienced a massive withdrawal of deposits, and a lack of access to US dollar funding.
ABLV Bank is the third-largest bank in Latvia. ABLV Bank is one of three banks supervised directly by the European Central Bank in addition to the Latvia’s financial sector supervisor Financial and Capital Markets Commission (FKTK).
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Sources
1 March 2018: Public broadcasting of Latvia
27 February 2018: Public broadcasting of Latvia
24 February 2018: Public broadcasting of Latvia
19 February 2018: Public broadcasting of Latvia
Citation
Eurofound (2018), ABLV Bank, Bankruptcy in Latvia, factsheet number 93462, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93462.
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