The commercial bank CJS "PrivatBank" (ZAO KB "PrivatBank") has changed the name of its Latvian subsidiary from AS "PARITATE BANKA" to AS "PrivatBank". The share capital of the bank has increased by Ls 7.1 million and now constitutes Ls 10.65 million. “Our future priority will be deposit investments and crediting of small and medium enterprises, trust management of the customers assets and deposit investments,” reports Oleksandr Trubakov, CEO of AS "PrivatBank". “Awarding a joint name to all subsidiaries of the commercial bank CJS "PrivatBank" will present new opportunities for our customers residing in Western European countries,” says Oleksandr Trubakov. “In Latvia we plan to specialise in corporate banking: crediting, micro-crediting, deposits and business credit cards. The enumerated priorities will facilitate production growth, servicing and consequently reduce inflation rate in the country,” explains Oleksandr Trubakov pointing out that the programme of SMEs crediting has already been launched, and the bank has already disbursed loans in the amount exceeding 120 thousand lats. Additionally to corporate crediting AS "PrivatBank" will offer for privat clients mortgage and consumer crediting, leasing, deposits and credit cards. Furthermore, AS "PrivatBank" will sell shares in the capital market, including local bank transactions, trading on behalf and in the name of the customers, trust management of the customers' assets and financial advice to corporate customers and private entities. “Re-branding of the Latvian company is one of the first steps towards further expansion of the bank in the EU Member States. This year AS "PrivatBank" opened a subsidiary in Portugal and a representation office in Italy. In future the company is planning to open its subsidiaries in Spain, Italy, Greece and Germany, and other countrie,” maintains Maksym Jaycky, ZAO KB "PrivatBank" director of Departament of Regional Branch Development Thanks to the support of the parent company, the commercial bank CJS "PrivatBank", the international rating agency Moody's Investors Services Ltd in May 2007 increased the long-term credit rating of AS "PrivatBank" from B2 to B1. The commercial bank CJS “Privatbank” is the leading bank in the Ukraine, possessing the first place in the basic bank indicators and in the national market. In 2007 the rating agency Global Finance awarded the commercial bank CJS “Privatbank” the title of the best bank in the Ukraine for the fourth consecutive year including it in the rating of the World's Best Foreign Exchange Banks 2007. At present the commercial bank CJS "PrivatBank" comprises four subsidiaries: AS "PrivatBank" (Riga), "Commercial Bank PrivatBank Int.Banking Unit" (Nicosia, Cyprus), "MoscomPrivat Bank" (Моscow) and "TAO Bank" (Tbilisi). AS "PrivatBank" holds full controlling interest in three of its subsidiaries: SIA "PrivatLīzings" - leasing services (assets: EUR 22.3 million), SIA "PrivatConsulting" - tourism services, SIA "DigiPro” - 1085 POS terminals in shops. Presently, there are 23 sub-branches and service centres for the bank customers in Latvia. The sub-branches are located in 12 cities of Latvia: Riga, Valmiera, Ventspils, Daugavpils, Liepaja, Rezekne, Ludza, Cesis, Valka and Jekabpils.