OP Corporate Bank plc commenced cooperation with Latvijas Gaze in relation to the provision of a loan worth EUR 35 million. The bank acquired rights to provide the loan by winning in Latvijas Gaze tender for re-financing of capital investments.
The contract for the EUR 35 million loan with Latvijas Gaze has been signed for five years with a ten-year repayment period. This loan will provide the company with an opportunity to perform the necessary investments in infrastructure and improve capital return indexes.
“By attracting a loan company, Latvijas Gaze aims at improving the price of financial resources and profitability indexes. World experience shows that optimal use of the company’s resources includes balanced use of owned and borrowed finances, which, in turn, secure effective economic function and better return indexes for shareholders. This is the first time Latvijas Gaze has commenced cooperation with a credit institution”, Latvijas Gaze board member Zane Kotane says.
OP Corporate Bank plc is the most important bank of Finland’s largest finance group OP Financial Group. In Latvia the bank offers services to corporate clients. OP Financial Group is represented in three areas: as a bank, OP Finance leasing company and Seesam insurance company. (BNN/Business World Magazine)