Taking into account the decision by the Latvian bank regulator to suspend the provision of financial services at that the Baltic International Bank (BIB) and the assessment that it has serious internal governance deficiencies, Baltic Institute of Corporate Governance (BICG) has expelled the bank as a corporate member.
The respective decision was made by the Board of the BICG on Tuesday.
It was made in line with the Statutes of the BICG, which note that, among other reasons, a member may be expelled if their activities are deemed to be in disagreement with the activities of the association and/or damage the reputation of the association.
All members of the BICG are subject to the Code of Ethics, which calls for integrity, transparency and accountability.
Contacts:
Andris Grafs
Vice President Latvia
Mob. +371 297 84407
E-mail andris[at]bicg.eu
