Lithuania’s fourth largest bank has acquired majority interest in Latvia’s oldest bank, Latvijas Krājbanka, for nearly EUR 23 million, according to news reports.

AB bankas SNORAS, which began in 1992 as the Šiauliai Krasto Bankas (Šiauliai Regional Bank), announced Sept. 21 that it now controls just over 83 percent of shares in the publicly traded Latvijas Krājbanka.

Latvijas Krājbanka, which is based in Rīga, began in 1924 as the Postal Service Savings Bank. During the Soviet occupation is was know as the State Savings Bank. The bank was restructured in 1987 and became known as Latvijas Krājbanka. In 1997, the bank merged with Union Baltic Bank in Rīga.

Last year, Latvijas Krājbanka reported profit of LVL 1.3 million. It ranks as Latvia’s 12th largest bank.

The Lithuanian bank’s purchase of Latvijas Krājbanka, the weekly newspaper The Baltic Times reported, “confirms both the trend of bank industry consolidation in Latvia and the continued expansion of Russian capital in the Baltics.” Just under 50 percent of SNORAS is owned by Konversbank of Russia.

The purchase also is the latest evidence of strong foreign interest in the Latvian banking sector. In August, Irish millionaire Dermot Desmond bought just under a third interest in Rietumu Banka, Latvia’s fourth largest bank. In November, Māras banka, a family-owned bank founded by a repatriated exile from Venezuela, was acquired by Finland’s Sampo Bank.

A constitutional amendment that would define marriage as only between a man and a woman has received preliminary support in Latvia’s parliament, the Saeima.

On a 55-1 vote, with 12 abstentions, the Saeima on Sept. 15 referred the amendment to its justice and other commissions, the LETA news service reported.

The amendment would modify paragraph 110 of the Latvian constitution—which calls on the state to guarantee the rights of marriage, family, parents and children—by clearly defining that marriage means a union between a man and a woman. That would effectively outlaw same-sex marriage.

The proposed amendment from the First Party of Latvia (Latvijas Pirmā partija) comes less than two months after the capital city of Rīga saw its first-ever gay “pride” parade, an event during which marchers were heavily outnumbered by those protesting against them. The proposed amendment should not be seen as restricting the rights of sexual minorities nor preventing same-sex couples from cohabitating, party spokesman Juris Kokins said in a press release. Instead, it is meant to protect the traditional family.

During the parliament’s initial debate on the amendment, Kārlis Šadurskis of the New Era party (Jaunais laiks) said he supported the goal of the proposal, but added that he is categorically opposed to amending the constitution to accomplish it.

Under Latvian law, parliament has the right to amend the constitution. At least two-thirds of the 100 members of the parliament must be present during voting on constitutional amendments, and at least two-thirds of those present must vote in favor of the amendment. Amendments receive three readings.

Canada this year became the third nation, after the Netherlands and Belgium, to legalize same-sex marriage.

Latvian President Vaira Vīke-Frieberga on Sept. 12 began a week-long visit to New York, where she is expected to voice Latvia’s support for reform of the 60-year-old United Nations.

Vīķe-Freiberga is one of five special envoys chosen by U.N. Secretary-General Kofi Annan to help raise awareness for the reform movement.

During the week, the president is scheduled to participate in a number of discussions with other international leaders. The 60th General Assembly opens its session Sept. 13. A World Summit, a meeting of more than 170 heads of state and government, is scheduled Sept. 14-16.

Vīķe-Freiberga also will participate in the inaugural meeting in New York of the Clinton Global Initiative, a project of former U.S. President Bill Clinton, the Latvian president’s press office announced. The initiative is focused on bringing world leaders together to discuss pragmatic solutions to global problems such as poverty and climate change.

Also visiting the United States will be Foreign Minister Artis Pabriks. From Sept. 14-20 he will be in New York attending the General Assembly meeting and conferring with other officials from European Union states.

On Sept. 20, Pabriks is scheduled to travel to San Francisco to visit the Hoover Institute at Stanford University, according to a press release from the Ministry of Foreign Affairs. Pabriks also is expected to meet with the local Latvian community while in San Francisco.

Also visiting the United States is Ingrīda Ūdre, chair of the Saeima, as well as members of parliament Uldis Mārtiņs Klauss and Viesturs Šiliņš. They are scheduled to be in Washington, D.C., from Sept. 12-13 to meet with members of Congress and other U.S. officials.