Daily magazine about Latvia www.latviannews.lv
The man of power is ruined by power, the man of money by money, the submissive man by subservience, the pleasure seeker by pleasure.
Hermann Hesse
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"GE Money Bank" could give up banking license

RIGA, April 4  - "GE Money Bank" is considering giving up its banking license as one of the potential scenarios for exiting the Latvian market, newspaper "Biznes&Baltija" reports.

"GE Money Bank" parent company "GE Capital" announced its intention of leaving the Latvian market more than a year ago. The bank was to be sold to Russian financial corporation "Otkritie", but the Financial and Capital Market Commission did not allow the deal.

Alongside reviewing strategic opportunities for exiting the Latvian market in a well-thought-out and responsible manner, the bank continues its everyday operations, the bank's representative Janis Beseris informed "Nozare.lv".

According to "GE Money Bank" report for 2012, selling the bank remains the main priority. The alternative scenario envisages refusing the banking license and transfer of liabilities on to another bank. In this case, the bank's assets or part of them could be sold, writes "Biznes&Baltija".

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