JSC “Reģionālā investīciju banka” (RIB) has allocated 2.2 million euros to SIA “Autofavorīts” and group companies for additional working capital financing, long-term investments and purchase of new cars, reports the bank.
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“The bank has started a long-term financial relationship with one of the leading companies in the Latvian automotive industry. SIA” Autofavorīts “considers the bank to be a good example of how entrepreneurs have been able to adapt and develop their business in the long run through various business cycles. The company ‘s operations as a small service grew to the largest network of service centers in Latvia, adding sales of motorcycles, various brands of cars and spare parts, as well as full – service rental services, “says Armands Kokainis, Head of Enterprise Services at the Regional Investment Bank.
The bank points out that long-term and leasing financing will ensure further development of the group. More and more often we encounter on a daily basis those companies that see niche opportunities in the conditions of a pandemic and decide to attract additional funding for further business development. “The bank sees that this trend will continue,” aka Cocaine.
“The Regional Investment Bank’s funding has supported the development of a new business line in collaboration with HYMER and other world-class manufacturers, giving the public the opportunity to rent campers and caravans for more convenient travel. We were pleased that the Regional Investment Bank has such a responsive staff , listening to specific wishes and future plans, “comments Andris Ermičs, Member of the Board of SIA” Autofavorīts “.
JSC “Regional Investment Bank” (RIB) started operating in 2001. As of June 30, 2021, it was the seventh largest bank in Latvia in terms of assets. The bank’s total share capital is 32.33 million euros and the largest shareholder is SIA SKY Investment Holding (37.4%). The other institutional and private shareholders do not each own more than 20% of the shares. The unaudited profit of the regional investment bank in the first 6 months of 2021 reached 1,234,591 euros.
SIA “Autofavorīts” is a provider of car spare parts sales and service. The company offers professional car service services, as well as the sale of spare parts, providing the most appropriate solutions from the world’s leading car spare parts manufacturers.
SIA “Favorit Rent” is a company of SIA “Autovaforīts grupa”, which is engaged in full-service long-term and short-term car and camper rental, as well as car sales.
SIA “Favorit West” is the official company of SIA “Autofavorīts grupa” Toyota car representative in Latvia, which sells new and used cars, as well as maintains and repairs both Toyota and all other brands of cars.
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