Overview of Banks in Latvia
Founded in 1922, the Bank of Latvia serves as the central monetary authority of the country. The Latvian central bank works to ensure price stability, in line with the functions and objectives of the European Central Bank and other central banks in the Eurozone. It also oversees banks in Latvia and advises the country’s Parliament and Government on the formulation and implementation of monetary policies.
In 2021, Moody’s Investors Service kept its stable outlook on Baltic banks. The stable outlook reflects Moody’s expectation that the growth potential of the Latvian economy will not be materially and permanently negatively affected by the pandemic shock, and that the government debt burden will stabilize at a level broadly in line with rating peers in coming years.
It also reflects Moody’s expectation that the government will maintain its efforts to tackle money laundering-related financial sector risks, and that geopolitical risks will remain unchanged over the coming 12-18 months.
For anyone considering a banking career in Latvia, this list of top banks in Latvia is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Latvia Include:
Established in 1992, Swedbank Latvia operates as a subsidiary of Stockholm-based Nordic-Baltic group, Swedbank. The bank offers a comprehensive range of financial services to retail and corporate customers in Latvia, with a focus on private individuals and SMEs. It serves almost one million private customers and over 71,000 businesses and operates a network of about 50 branches and 400 ATMs across the country.
Net income: EUR 74.15 million (2020)
Total assets: EUR 8.42 billion (3/2021)
Founded in 1992, Rietumu Banka is one of the biggest banks in Latvia, with a focus on corporate clients and high net worth individuals. The bank provides asset management, brokerage, and consulting services. Headquartered in Riga, Rietumu Bank also maintains representative offices in Belarus, Russia, Ukraine, France, Romania, and Kazakhstan.
Net income: EUR 10.41 million (2020)
Total assets: EUR 1.47 billion (2020)
Incorporated in 1993, SEB Banka is a member of Swedish financial conglomerate, SEB Group. The bank offers personal, private, and corporate banking products and services to individuals, businesses, companies, and institutions in Latvia. It operates out of Kekavas Pagasts, Latvia.
Net income: EUR 39.00 million (2020)
Total assets: EUR 4.31 billion (3/2021)
Citadele Bank serves both domestic and international customers in Latvia, offering retail banking, private banking, and corporate banking products and services. The bank was created to take over the viable assets of Parex Bank, following a state-administered split in 2010.
It operates 20 branches, a client service center in Latvia, a branch in Estonia, and a branch in Lithuania.
Net income: EUR 3.61 million (2020)
Total assets: EUR 4.60 billion (2020)
Established in 1992, PNG Banka (formerly known as Norvik Banka) is one of the oldest commercial banks in Latvia and changed its name in November 2018. It offers a full range of products and services in retail banking, trade and investments, and corporate banking. It is headquartered in Riga Latvia.
Net income: EUR -17.51 million (2018)
Total assets: EUR 517 million (6/2019)
Founded in 2001, BlueOrange Bank offers a wide range of financial and advisory services, including personal banking, brokerage, corporate banking, financial advisory, and investment banking services.
Headquartered in Riga, the bank also provides customized solutions for businesses and high-net-worth individuals. It currently employs more than 210 individuals.
Net income: EUR 3.20 million (2020)
Total assets: EUR 709.1 million (2020)
Regionala Investiciju Banka (RIB)
Established in 2001, Regionala Investiciju Banka (RIB) serves Latvia’s residents and non-residents through its full range of individual and corporate banking products and services.
Net income: EUR 0.55 million (2020)
Total assets: EUR 264.5 million (2020)
Baltic International Bank
Founded in 1993, Baltic International Bank is one of the niche banks in Latvia, focused on providing private banking and wealth management services. The bank offers customized, top-quality financial products and investment solutions to its clients.
Net income: EUR -3.10 million (2020)
Total assets: EUR 218.7 million (2020)
Meridian Trade Bank
Incorporated in 1994, (formerly Meridian Trade Bank) serves individuals and corporations in Latvia through a wide range of banking and financial products and services. The universal bank, also formerly known as SMP Bank, adopted its current name “Industra Bank” in January 2020. It operates out of its headquarters in Riga.
Net income: EUR -3.61 million (2020)
Total assets: EUR 147.3 million (2020)
LPB Bank, formerly known as Latvijas Pasta Bank, received its banking license to operate as one of the banks in Latvia in 2008. The bank caters to retail and corporate clients in the country through its wide range of financial products and services. Headquartered in Riga, it maintains a head office and two customer service centers.
Net income: EUR 4.71 million (2020)
Total assets: EUR 263.3 million (3/2021)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Latvia. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: