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Latvian Court Declares PNB Bank Insolvent After ECB Suspension

PNB Banka seen in Riga. Riga is the

Photographer: Omar Marques/SOPA Images/LightRocket via Getty Images

A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal.

The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only a handful of lenders declared by the European Central Bank to be “failing or likely to fail” because of insufficient capital. It joins Banco Popular Espanol SA, Banca Popolare di Vicenza SpA, Veneto Banca SpA and ABLV Bank AS.