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ECB to assume direct supervision of PNB Banka in April

The European Central Bank will take over the direct supervision of Latvia's AS PNB Banka, effective April 4.

The move comes following a request made by the Latvian Financial and Capital Market Commission.

PNB Banka, previously called Norvik Banka, has accused Latvijas Banka Governor Ilmars Rimsevics of trying to extort a bribe of €100,000 per month from Norvik to do business in the country.