October 10, 2011

IndexAtlas has completed the purchase of Latvian Biznesu Banka (LBB) for its Russian client. The value of transaction is not disclosed. Sergey Skaterschikov, the non-executive Chairman of IndexAtlas who also acted as the Chairman of LBB since May 2011, has resigned from the board and exited ownership structure of the bank.

"I want to believe this transaction will contribute to strength and diversity of the Latvian financial services sector, the industry with very efficient and professional regulation and significant growth potential in otherwise struggling economic environment", commented Mr. Skaterschikov.