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Soft Commodities Trader
Due to increased sales, a soft commodity trader required a receivables purchase facility for one of their large customers - purchased from Africa and sold to the US.
Metals Trader
Purchasing commodities from Africa, the US, and Europe and selling to Europe, a metals trader required a receivables finance facility for a book of their receivables/customers.
Energy Trading Group
An energy group, selling mainly into Europe, desired a receivables purchase facility to discount names, where they had increased sales and concentration.
Clothing company
Rather than waiting 90 days until payment was made, the company wanted to pay suppliers on the day that the title to goods transferred to them, meaning it could expand its range of suppliers and receive supplier discounts.
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Export Credit Agency (ECA) in Latvia
About ALTUM
ALTUM is a state-owned development finance institution, which offers state aid for various target groups with the help of financial tools (such as loans, credit guarantees, investing in venture capital funds, etc.). ALTUM develops and implements state aid programmes to compensate for the market’s shortcomings that can’t be solved by private financial institutions.
Key Stats
Name
ALTUM
Country
Latvia, Europe
CEO
Reinis Bērziņš
Founded
1998
Employees
180
Government:
Latvian Government
Company Number
+371677774118
Address
Doma laukums 4, Riga, LV-1050, Latvia
Email Address
altum@altum.lv
A summary of ALTUM
Products and services offered by ALTUM
ALTUM is a state-owned development finance institution, which offers state aid for various target groups with the help of financial tools (such as loans, credit guarantees, investing in venture capital funds, etc.). ALTUM develops and implements state aid programmes to compensate for the market’s shortcomings that can’t be solved by private financial institutions.
- Land fund of Latvia
- Export credit guarantees
- Support for enterprises
- Investment plans for Europe
- Rural enterprises
History of ALTUM
The LGA has been in existence since 1998 and the holder of its shares is the Ministry of Economics of the Republic of Latvia.
JSC “Development Finance Institution Altum” (hereinafter ALTUM) was founded on 27 December 2013 as a state-owned joint-stock company “Development Finance Institution”, acting upon a directive by the Cabinet of Ministers of the Republic of Latvia.
All ALTUM voting shares belong to the Latvian state – shareholders include the Ministry of Finance (40%), the Ministry of Economics (30%), and the Ministry of Agriculture (30%).
The establishment of ALTUM was held in two stages by combining 3 state-owned institutions:
During the first stage, three state-owned institutions JSC “Latvian Development Finance Institution Altum”, LLC “Latvian Guarantee Agency” (hereinafter LGA) and JSC “Rural Development Fund” (hereinafter RDF) shares were transferred to JSC “Development Finance Institution”, thereby creating concern of financial institutions.
During the second stage was a reorganization process – JSC “Latvian Development Finance Institution Altum”, LGA, RDF was merged into JSC “Development Finance Institution” and ceased to exist without a liquidation process. This stage was completed on 15 April 2015, thereby creating a new unified institution with the new name JSC “Development Finance Institution Altum”.
The newly created JSC “Development Finance Institution Altum” (ALTUM) took over all of the rights and obligations, including contract obligations with clients and partners of JSC “Latvian Development Finance Institution Altum”, LGA and RDF.
ALTUM currently has 7 branches and 14 consultation centres that provide customer services throughout the territory of Latvia.
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Raw Materials
From tobacco to spices, gold to bronze, commodities represent a large proportion of our trade finance portfolio
Finished Goods
Our innovative structuring capabilities allow us to put together complex finance structures, even if the end goods are finished
Metals
From scrap metal to alloys, we help traders and distributors access trade, receivable or PO finance for iron, steel and non-ferrous metals
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