Desmond in line for Latvian bank windfall

A Latvian bank in which Dermot Desmond has a 33 per cent stake has reported a profit of €29 million for last year.

30th March, 2013
Dermot Desmond: the billionaire financier has a 33 per cent share in Rietumu Bank, which had a profit of €29 million last year. Photo: Jason Clarke

A Latvian bank in which Dermot Desmond has a 33 per cent stake has reported a profit of €29 million for last year. Desmond will also be in line for his share of the bank's €7.3 million dividend.

The billionaire financier bought his stake in Rietumu Bank in 2005 for an undisclosed sum. Rietumu has become a very successful and prudent lender to small business and companies trading across Latvia, Russia and the Baltic states.

The bank...

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