Desmond buys stake in Latvian bank

Patrick McLoughlin, Reuters

Reitumu said Desmond bought 33.1% from a small number of existing shareholders, including one of the bank's founders, Tony Levin. No value for the purchase was given.

Rietumu Banka had 726 million Latvian lats (E1 billion) in assets at the end of July and is roughly half the size of the Baltic state's biggest bank, Parex.