Local-capital banks Industra Bank and Signet Bank have joined forces to support the Grindeks Group’s ambitious development plans and its goal to expand operations in Western Europe, by issuing a syndicated loan of EUR 13 million to the Group’s company AS Kalceks. Industra Bank is providing 42% of the loan, while Signet Bank is contributing 58%.

This transaction demonstrates the ability of local banks to deliver competitive financing for significant business projects that create new jobs, promote exports, and contribute positively to the country’s economic growth.

Both banks are focused on supporting the development of local companies and strengthening their competitiveness and export capacity. Such cooperation between banks enhances companies’ ability to implement larger-scale, international projects by leveraging the experience of local banks and their flexibility in decision-making.

AS Kalceks is one of Latvia’s oldest pharmaceutical companies, established in 1920, and currently exports its products to more than 90 countries worldwide. The company is part of the Grindeks Group and specialises in the production of hospital medicines. Its operations are based on high quality standards, innovation, and secure manufacturing processes, playing an essential role in the Group’s international growth and export strategy.

“Industra Bank aims to be a partner for Latvian companies that think broader and grow beyond the local market. Projects like this demonstrate that local capital can be a strong driving force for economic development,” says Raivis Kakānis, Chairman of the Board of Industra Bank.

Roberts Idelsons, Chairman of the Board of Signet Bank, adds: “Such syndicated transactions confirm that local-capital banks are sufficiently strong to finance major business development projects. Signet Bank has always focused on fostering the growth of local companies by providing financial support to businesses that think strategically and invest in development, giving a strong boost to the overall Latvian economy.”