Baltic States

Estonia is the economic wunderkind of the accession states.

Lithuanian insurance companies will have to increase their authorised capital to at least Ђ1 million by July 2005 and to set up required minimum guarantee funds by April 2007, under new amendments to the country's Law on Insurance.

In a survey of 164 companies by Factors Chain International (FCI), Hansa Capital climbed nine places to number 43 in the list ranking the world's factoring companies based on the turnover from 2002 as compared with the previous survey.

Snoras, Lithuania's fourth-biggest commercial bank, posted an audited net profit of 10.55m litas(Ђ3.057 m)for 2002, compared to 4.51 m litas for 2001.

The net profit of Estonia's Uhisliising (Uhispank Leasing) group was 99 million kroons (Ђ6.33 m) last year against 58.4 million kroons (Ђ3.73m) the year before (an increase of nearly 70%).

Hansa Capital Group's net profit totalled 43.8m euros and financial investments reached 1,172m euros in 2002.

Hanza Lizings leasing and factoring company expects 30 percent leasing portfolio growth this year, company director Artis Birkmanis told reporters.

The aggregate leasing and factoring portfolio of members of the Latvian Leasing Provider Association (LLPA) reached 259.5 million lats in the first nine months of this year, up 22.3 percent from the same period last year.

Moody's Investors Service upgraded to A2 from Baa1 the senior unsecured debt ratings of AS Hansapank.