Riga, Latvia, 2015-09-28 07:56 CEST (GLOBE NEWSWIRE) -- Structural reorganization of real estate companies under ABLV Group has successfully concluded. As a result, three groups of companies have been established.
The first group is composed of real estate management companies — parent company Pillar Management, SIA and its affiliate companies, including architectural design company Schaller Kyncl Architekten Riga, SIA (soon to be renamed Pillar Architekten, SIA); real estate management company Pillar RE Services, SIA (formerly named Pillar Parking, SIA); as well as construction management and supervision company Pillar Contractor, SIA, which was registered on 10 September 2015.
The second group of companies is specializing in forfeiture maintenance and sale — parent company Pillar Holding Company, KS and its affiliate companies Pillar 2, 12&14, SIA; Pillar 3, SIA; Pillar 4&6, SIA; Pillar 7&8, SIA; Pillar 9, SIA; Pillar 10, SIA; Pillar 11, SIA; Pillar 18, SIA; Pillar 19, SIA; Pillar 20, SIA; Elizabetes Park House, SIA; as well as Pillar 21, SIA, which was founded on 10 September 2015. Currently, these companies oversee approximately 530 real estate properties. The number of maintained forfeitures has decreased in recent years, and expected to be sold out in upcoming 4 years.
The third group consists of development companies under finance and business center New Hanza City — parent company New Hanza City, SIA and its affiliate company NHC Utilities, SIA (formerly named GP Electro, SIA).
Reorganization of ABLV Group companies was carried out in order to streamline structure and management of Pillar companies with main resources to be channeled for development of a new large-scale project New Hanza City.
ABLV Bank, AS is the largest independent private bank in Latvia. The bank’s major shareholders — Oļegs Fiļs, Ernests Bernis and Nika Berne – directly and indirectly hold 86.25% of the bank's voting share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Baku, Tashkent, Hong Kong, and Limassol.
Ilmārs Jargans
Head of Public Relations Department
ABLV Bank, AS
Tel.: +371 6777 5296
e-mail: ilmars.jargans@ablv.com