Signet Bank has concluded a co-operation agreement with the finance institution ALTUM. Under the co-operation agreement, Signet Bank clients will be able to use the loan guarantees provided by ALTUM for the loans issued by the Bank for business development in Latvia.
ALTUM loan provides assistance to the companies to obtain funds for their business needs when the security they can provide is insufficient to obtain a bank loan or to borrow the required amount from a bank.
Roberts Idelsons, CEO of Signet Bank, said: “We are pleased about the conclusion of the co-operation agreement that gives us an opportunity to expand the range of companies and projects to be financed by offering clients personalised finance solutions and high-quality service.”
ALTUM is a state-owned development finance institution that uses financial instruments (loans, guarantees, investments in venture capital funds, etc.) to provide financing to the sectors that the state has identified as important and meriting support but that are unable to obtain the required financing from credit institutions.
About Signet Bank
The Bank was established in 1992 under the name of Latvian Business Bank. Since 2013, Signet Bank’s strategy has focused on serving wealthy individuals and their businesses, particularly managing clients’ capital and structuring investment projects. Signet Bank’s majority shareholder is a group of Latvian and international investors that includes SIA Hansalink, SIA Fin.lv and Signet Global Investors Limited.