Danske Banka grants a 30.6 million EUR credit lines to Latvijas dzelzceļš
On December 3, 2010 Danske Banka signed a contract with the State Owned Joint Stock Company Latvijas dzelzceļš on granting a 30.6 million EUR credit lines. Latvijas dzelzceļš plans to utilise the granted credit lines for increasing the amount of current assets within the course of implementation of projects on modernisation of the railway infrastructure.
President of VAS Latvijas dzelzceļš Uģis Magonis points out that the company managed by him has always treated any investment with a care and the company’s investment policy has always been cautious. "We are looking towards future with cautious optimism in planning volumes of passenger and cargo transportation and developing our investment policy; we are investing exclusively in projects, about which we are sure they will yield a good return. We are looking forward to successful operations also during coming years, thus, we need additional resources for development," U.Magonis explains.
CEO of Danske Banka Raivis Kakānis comments as follows: "We appreciate the possibility to provide financing for the Latvian railway infrastructure modernisation projects. Latvijas dzelzceļš is among the Latvian companies, which actively use resources of the European Union funds for improving its competitiveness and increasing the volume of provided services.
Such investments will give the benefit both to the Latvian state in the form of additional revenue, and also to other transit industry companies, such as ports and logistic companies. Besides improvement of infrastructure will have a positive effect also upon security of transportation."
About Danske Banka
Danske Banka 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 14 countries; it serves more than 5 million retail customers and a significant number of institutional organizations. Approximately 22 100 bank’s employees are taking care about the daily needs and comfort of its customers.
The aim of the Danske Banka is to become the best local partner of its customers in financial issues. High quality service and individual approach towards each customer needs characterizes the Bank’s activities.
Danske Bank Group’s current ratings:
Long-term: AA3 (Moody’s); A (S&P); A+ (Fitch);
Short-term: P-1(Moody’s); A-1 (S&P); F1 (Fitch).