Krajbanka declared bankrupt

09.05.2012, 11:27

On 8 May, Riga District Court decided to start the bankruptcy procedure of the failed Latvian bank Latvijas Krajbanka.

The move was initiated by Krajbanka's insolvency administrator SIA KPMG Baltics. The company believes that it is impossible to revive the bank without state support, which is not coming.

Krajbanka was declared insolvent on 23 December 2011 after the Latvian financial watchdog suspended its activities on 21 November 2011.