Industra Bank is increasing its capital by another 2 million euros and is planning to step up lending
Shareholders of Industra Bank have increased the bank's tier 1 capital by another EUR 2 million, thus concluding the second stage of the capital increase, as a result of which during the first half of 2020 Industra's capital was increased in total by EUR 9 million.
In accordance with the bank's new development strategy, the goal of the current issue of new shares is to strengthen the bank's tier 1 capital in order to step up lending to Latvian small and medium-sized enterprises, which is necessary for their further growth.
“The crisis caused by the COVID-19 outbreak will be followed first by stabilization of the economy, but, shortly thereafter, by a revival of economic growth. Some Latvian companies will have their business models reoriented or even new ones introduced and will be ready for a new breakthrough both in the local market and in the direction of export. With the significantly increased capital, Industra will be ready to provide lending for this new growth. We will be actively addressing local entrepreneurs and will be offering not only financing, but also mutually beneficial cooperation as equal partners,” says Jurijs Adamovičs, Industra’s chairman of the board of directors.
Industra's strategy envisages gradual continuation of the capital increase, thus creating a sufficient capital base, so that, along with the introduction of various other initiatives and technologies, Industra will become the first choice bank for Latvian small and medium-sized enterprises.
The joint stock company Industra Bank is a Latvian credit institution that was founded in 1994 and has more than 30 thousand customers, and in terms of this indicator Industra is the sixth largest bank in Latvia.
In January 2020, the name of the credit institution Meridian Trade Bank was changed to Industra Bank to reflect the change in the bank's business strategy.
Industra has been created by local entrepreneurs and the bank's further activities will be focused on servicing Latvian small and medium-sized enterprises.