Profits at a Latvian bank backed by billionaire financier Dermot Desmond have surged in the first seven months of this year, as it remains close to buying a stake in a major Russian bank.
Desmond bought his 33.1 per cent stake in Rietumu last year. Recently published figures show it made a net profit of €20.5 million in the first seven months of 2006 and is on track to make profits of €40 million this year.
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