On 8 January 2019 ABLV Bank AS in liquidation, a private bank based in Riga in Latvia, and Duet Group Limited, a global investment company headquartered in London, have entered into share purchase agreement to acquire 100% of the shares of ABLV Bank Luxembourg SA.
The acquisition is subject to the approval by the Commission de Surveillance du Secteur Financier (CSSF) and the European Central Bank and the Duet Group intends to submit the formal request for the change of control in the coming weeks. Given Duet’s interest in the current services of the bank and its willingness to expand its operation in the future, the parties are determined to complete the transaction as soon as possible.
As previously announced, on 10 October 2018, the Luxembourg Commercial Court (Tribunal d’arrondissement de Luxembourg siégeant en matière commerciale) extended the suspension-of-payments regime of the bank for additional four months to allow sufficient time to conclude negotiations with potential investors. If necessary, another request to the Luxembourg Commercial Court for prolongation of the suspension-of-payments regime will be introduced in order to allow for all stakeholders to be protected while Duet’s acquisition is considered, with protection of existing depositors as the primary objective.