Mr. Balram Chainrai, a well-known British businessman from Hong Kong, becomes the shareholder of Rietumu.
In a transaction concluded in February 2010 Mr. Balram Chainrai (51) has acquired a 5% stake in “Rietumu Bank”. Shares were purchased from an existing bank’s shareholder; however, the stakes of Rietumu’s largest shareholders, founders of the bank Mr. Leonid Esterkin and Mr. Arkady Suharenko, as well as Irish financier Dermot Desmond remain unchanged.
Balram Chainrai – British citizen of Indian origin permanently residing in Hong Kong is a prominent businessman of the territory.
His primary business areas include manufacturing and trading of electronics and home appliances, computers and related accessories, and trade finance. The company sells a complete range of household and electronic goods from many major brands like Akai, Hyundai and Telefunken, as well as its own brand Scarlett.
Mr. Balram Chainrai is the CEO of Chainrai Group and the MD of his core company Hornington Enterprises Ltd. The group’s annual turnover exceeds USD 500’000’000. The group’s trading operations span in many countries in Asia, EU, East Europe and the CIS, including Russia.
Mr. Balram Chainrai is a famous philanthropist and has been involved in many charities worldwide. He is also a Rotarian and a member of several social organizations. He was vice chairman of the Indian Chamber of Commerce of Hong Kong from 2001 to 2006 before becoming President of the Chamber in 2007.
Apart from his major business activities, his interests now include investments in property, hotels, entertainment industry and solar power projects. Recently, Mr. Chainrai has acquired control of Portsmouth FC, an English Premier League Club.
“We are definitely positive and optimistic about obtaining such an influential and respected businessman as a new shareholder in Rietumu. This opens up fresh opportunities for further dynamic development and gives access to new resources. We also hope to get support for our banking operations expansion in the rapidly growing South-East Asia where we already have customers and business partners. The transaction itself demonstrates confidence from serious international investors towards Rietumu Bank”, says CEO of Rietumu, Alexander Kalinovski.
Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
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