SEB banka has provided financing of more than EUR 19 million to Magnum Medical

SEB banka has provided more than EUR 19.7 million in financing to the companies of Magnum Medical Group, one of the leading pharmaceutical wholesale and retail companies in Latvia, i.e., Magnum medical and pharmacy chain Apotheka.

The company intends to use the received financing partly to finance its working capital and partly - to refinance the investments aimed at business development made by the Group companies.

Ints Krasts, member of the management board of SEB banka: “Magnum Medical is part of the Estonian group MAGNUM, which has proven itself to be one of the TOP three market players in Latvia as well as the leading market player in Estonia. This is one of the most professional investors in our region. We are therefore pleased that the company has chosen SEB banka Latvia to be its financial partner for its future business development.”

Magnum group chairman of the board Mārcis Rutulis comments:  “Magnum Group companies are one of the leaders of they industry with wide clients and cooperation partners base. Our companies are stable and reliable and our main tasks are to take proffesional care of our customers and provide high quality service. We value the long-term thinking and business approach of SEB bank as our financial partner.”

SIA Magnum Medical is a subsidiary of MAGNUM AS, engaged in the wholesale of pharmaceuticals in Latvia, whereas the pharmacies “Apothkeka” owned by it are engaged in the retail sale of pharmaceuticals. MAGNUM Group consists of more than twenty companies that carry out their business in Latvia, Lithuania, Estonia and Finland.