Desmond’s Rietumu bank impervious to Latvian crisis

The Latvian bank in which Dermot Desmond has a 33 per cent stake has shown very strong resilience to the banking crisis in the eastern European country.

2nd October, 2010

The Latvian bank in which Dermot Desmond has a 33 per cent stake has shown very strong resilience to the banking crisis in the eastern European country.

Rietumu Bank has continued to make profits despite some of the other local banks enduring massive collapses.

Last week, Rietumu’s chief executive Aleksandrs Kalinovskis said the bank expected to finish the year with a profit of between €7 million and €8.5 million, and that it expected to make a...

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