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Operations of PNB Banka have been suspended

Operations of PNB Banka have been suspended

On August 15, 2019, the Finance and Capital Market Commission decided on the unavailability of deposits in the bank, which means the actual suspension of the bank operations. Customers of the bank will be able to receive their deposits of up to EUR 100,000 from the Deposit Guarantee Fund by submitting the relevant documents to Citadele banka, which organizes the payment of guaranteed deposits. 

The amount of such guaranteed deposits exceeds 99% of the total deposits of JSC PNB Banka. The Finance and Capital Market Commission publishes the most up-to-date information on the guaranteed deposit reimbursement procedure and other information on further activities of PNB Banka JSC on its website

In order to reimburse deposits in excess of the guaranteed amount, customers will have to submit a creditor’s claim during the bank liquidation or insolvency procedure, which will be announced depending on whether the bank has enough assets to satisfy all creditors’ claims. Regardless of which of these procedures will be applied to the bank, lenders will not only have to fulfill the formal requirements for preparing the creditor’s application and confirming the rights of representation (for legal entities), but also undergo a verification of the origin of the funds in accordance with the requirements of the AML.

LUMOS has significant experience and knowledge in the liquidation and insolvency procedures of credit organizations, our specialists have successfully represented clients in the liquidation and insolvency procedures of other Latvian banks – Trasta komercbanka and ABLV bank.


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