On May 16, 2008, Invalda AB has signed agreement with Akciju Komercbanka Baltikums regarding acquisition of 100% shares of Baltikums Asset Management (investment management company registered in the Republic of Latvia) and regarding sale to Akciju Komercbanka Baltikums 100% shares of Finasta Asset Management (investment management company registered in the Republic of Latvia).
As all permissions of supervisory institution were received, on September 19, 2008, Invalda AB completed the process of acquisition of Latvian asset management company Baltikums Asset Management IPAS and has acquired 100 pct stake in this company. A deal whereby Invalda sold a stake in Finasta Asset Management AS IPS to Latvian bank Akciju Komercbanka Baltikums AS was also completed on September 19.
In Latvia Baltikums Asset Management will control two second pillar pension funds and six investment funds.