Top Banks in Latvia
Overview of Latvia's leading financial institutions
Overview of Latvia's leading financial institutions
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 2017, Moody’s Investors Service upgraded its outlook on Baltic banks from stable to positive. The rating agency expects the asset quality of banks in Latvia to improve as a result of strong operating conditions, such as higher real wages and employment levels.
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.
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.
Revenue: 114.3million euros (2017)
Net income: 94.37 million euros (2017)
Total assets: 5.29 billion euros (2017)
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.
Revenue: 78.3 million euros (2017)
Net income: 33.03 million euros (2017)
Total assets: 3.0 billion euros (2017)
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.
Revenue: 60.63 million euros (2017)
Net income: 38.2 million euros (2017)
Total assets: 3.67 billion euros (2017)
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.
In 2017, Moody’s Investors Service upgraded its long-term credit rating for Citadele by two notches, to Ba2 from B1, reflecting the group’s ongoing expansion strategy across the Baltic States, as well as its improved asset quality and asset levels. Citadele is one of the fastest-growing banks in Latvia.
Revenue: 56.5 million euros (2017)
Net income: 1.3 million euros (2017)
Total assets: 2.54 billion euros (2017)
Established in 1992, Norvik Banka is one of the oldest commercial banks in Latvia. The bank operates as a subsidiary of building materials firm, Norvik Group. It offers a full range of products and services in retail banking, trade and investments, and corporate banking.
Revenue: 15.4 million euros (2017)
Net income (loss): (10.52 million euros) (2017)
Total assets: 810.46 million euros (2017)
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 340 individuals.
Revenue: 10.85 million euros (2017)
Net income: 4.83 million euros (2017)
Total assets: 661.0 million euros (2017)
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.
Revenue: 10.1 million euros (2017)
Net income: 2.67 million euros (2017)
Total assets: 367.4 million euros (2017)
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.
Revenue: 4.33 million euros (2017)
Net income (loss): (8.09 million euros) (2017)
Total assets: 297.95 million euros (2017)
Incorporated in 1994, Meridian Trade Bank serves individuals and corporations in Latvia through a wide range of banking and financial products and services. The universal bank, formerly known as SMP Bank, adopted its current name in 2014. It operates out of its headquarters in Riga.
Revenue: 4.0 million euros (2017)
Net income (loss): (2.35 million euros) (2017)
Total assets: 274.87 million euros (2017)
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.
Revenue: 5.56 million euros (2017)
Net income: 7.2 million euros (2017)
Total assets: 234.5 million euros (2017)
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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: