Press release
Riga, 6 December 2013
Danske Bank grants a loan to JSC “Rīgas Elektromašīnbūves Rūpnīca”
Danske Bank Latvia has signed the agreement with JSC “Rīgas Elektromašīnbūves Rūpnīca” (Riga Electric Machine Building Works) about financing in the amount of 2 million Euro intended for implementation of the project “Introduction of new asynchronous traction engines in production”. Until now, Danske Bank has provided funding for implementation of various projects for the total amount of 10 million Euro to the company.
Chairman of the Board of JSC „Rīgas Elektromašīnbūves Rūpnīca” Nikolajs Erohovs says: „In 2014 our company will develop and launch in production five electrical traction devices that are complicated from the technical point of view and intended for railway, underground and road transport. We are also looking forward to receiving both the state aid and support from programs of various European structural funds. Implementation of the projects will allow the company to upgrade and expand it production range. We expect a 31 % increase in turnover in the result of implementation of these projects as early as in 2014. Currently we export 95% of our production”.
Head of Danske Bank in Latvia Raivis Kakānis is pleased with the achievements by Riga Electric Machine Building Works: “During our cooperation the company has experienced a considerable increase of the stock value. This is the first year when the company is included in the TOP 101 list of the most valuable Latvian companies. We are glad at our customers’ success, moreover, when we can see also our role in securing it. Besides, these achievements are natural – Riga Electric Machine Building Works is among the rare companies where production has been not only maintained since the soviet times, but there have been targeted improvements and development. The current operational level of the company allows it to compete with the large foreign corporations of this industry. I am sure that Riga Electric Machine Building Works have very good future perspective and this is based on economic, skilful and long-sighted management of the company.”
About JSC Rīgas Elektromašīnbūves Rūpnīca
The Joint Stock Company "Rīgas elektromašīnbūves rūpnīca" (Riga Electric Machine Building Works) is a well-known company in Latvia with huge experience in design and production of electrical traction devices for electrical trains, passenger cars and electrical loading machines.
About Danske Bank Latvia
Danske Bank is the Danske Bank Group’s unit in Latvia. Danske Bank Group is the largest bank in Denmark and one of the Northern Europe’s leading financial institutions. The Group is widely represented in 15 countries and it serves more than 5 million retail customers and a significant number of institutional organizations. Since 15 November 2012, the Group’s banking activities are gathered under the Danske Bank brand name, highlighting the uniform customer experience in all of the Group’s markets.
Danske Bank Group has received the following ratings:
Long-term: Baa1 (Moody’s); A- (S&P); A (Fitch);
Short-term: P-2(Moody’s); A-2 (S&P); F1 (Fitch).
For further information:
Ieva Zauere
Head of Communications
Danske Bank A/S Latvia Branch
Tel.: +371 2 948 5726
E-mail: ieva.zauere@danskebank.lv