Signet Bank and Industra Bank grant EUR 9.8 million for Arēna Rīga development

Local capital banks Signet Bank and Industra Bank support the development plans of SIA Arēna Rīga with a syndicated loan of EUR 9.8 million. 60% of the loan is provided by Signet Bank and 40% by Industra Bank.

Both Signet Bank and Industra Bank are focused on promoting the growth and development of local businesses. The cooperation in arranging syndicated loans enables both banks to provide more financing to Latvian companies, while strengthening the competitiveness of local banks. It also contributes to the overall growth of bank lending and economic development.

Arēna Rīga is one of the largest and most important multi-purpose halls in Latvia and the Baltics, which since its opening in 2006 has become a major venue for sports competitions, concerts, cultural events and conferences. It regularly hosts domestic and international sporting events, including hockey and basketball competitions, as well as major concerts by local and world-renowned artists and other events.

Roberts Idelsons, Chairman of the Board of Signet Bank, says: “Arēna Rīga is one of the most significant cultural and sports centres in Latvia. It not only contributes to the international recognition of Rīga and Latvia, but also makes a significant contribution to the country’s economic development. The Arēna Rīga activities attract thousands of tourists and create new opportunities for local businesses. This project is an excellent example of how local capital banks, working together, can provide essential financing for the growth of Latvian companies and at the same time strengthen the competitiveness of banks.”

Raivis Kakānis, Chairman of the Board of Industra Bank, says: “This is Industra Bank’s first syndicated loan and it shows that by working together, local banks can also support the financing needs of large Latvian companies. Industra Bank has been committed to financing Latvian companies for several years, both in the capital and in the regions, and we will continue to do so in the future.”