SJSC Latvijas dzelzceļš signs agreement with DnB NORD Bank | Latvijas dzelzceļš

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SJSC Latvijas dzelzceļš signs agreement with DnB NORD Bank

Wednesday, 23 April, 2008

On 23 April 2008 Uģis MAGONIS, Chairman of the Board of SJSC Latvijas dzelzceļš (LDz), and Andris OZOLIŅŠ, Chairman of the Board and President of JSC DnB NORD Bank, signed two contracts which are connected with Group account and Group account overdraft in DnB NORD Bank. The contracts were also signed by high-level directors of concern LDz and by the representatives of the bank.

The contracts on Group account and Group account overdraft in DnB NORD Bank were signed to implement Finance management policy of concern LDz and to optimize management of finance resources and concern liquidity. DnB NORD Bank was selected in the tender in which participated six banks.

Uģis MAGONIS, Chairman of the Board of SJSC Latvijas dzelzceļš, said: “The choice of this bank was made in the negotiations in compliance with external and LDz internal laws and regulations. The process was rather long because such a task we did for the first time. It was something unique - making a Group account. The banks also encountered such a task of finance programme operation for the first time, because the proposed programmes only partly corresponded to the requirements we demanded. However, there were several criteria, which helped us to make the final decision, for instance, bank rating, allocated money, other services and charges, location and number of the affiliates and cash dispensers, elaborated software, principles of programme installation, training of employees, etc. As a result LDz chose JSC DnB NORD Bank.”

Jānis KALNIŅŠ, Chief Accountant of LDz, said: “This project had been prepared for more than a year and its aim is to ensure the concern can quickly react to the changes in finance market and the management of the company can operate with the concern finances. Another aim is to make a transparent finance management control and to work quickly with debtors and creditors, to create the conditions and receive warranties from the involved banks. As a result there won’t be any inconveniences for concern employees if the finances flow through a different bank. The project is aimed at making a safe, modern authorization system of bank transfers in concern.”
LDz is the largest company in the state, which employs more than 13 thousand people.

Prepared by:
Public Relations Division
Phone: +371 6723 4909

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