The Bank of Latvia is the country’s central monetary authority, having been established in 1922. The Latvian central bank seeks to maintain price stability by the European Central Bank’s and other Eurozone central banks’ functions and objectives. It also supervises Latvian banks and provides advice to the country’s Parliament and Government on monetary policy development and implementation.
Moody’s Investors Service maintained its stable outlook on Baltic banks in 2021. The stable outlook reflects Moody’s estimate that the pandemic shock will not have a major and long-term negative impact on Latvia’s economic development potential, and that the government debt load would stabilize at a level generally in line with rating peers in the next years.
It also indicates Moody’s assumption that the government will maintain its efforts to combat money laundering-related financial sector risks in the coming 12-18 months, and that geopolitical risks will remain constant.
This list of top Latvian banks is a useful starting point for anyone interested in a banking profession in Latvia.
The Top Banks in Latvia
Swedbank Latvia was founded in 1992 as a subsidiary of Swedbank, a Stockholm-based Nordic-Baltic bank. In Latvia, the bank provides a wide range of financial services to both retail and corporate customers, with a concentration on private individuals and small businesses. It has a network of roughly 50 branches and 400 ATMs across the country, serving about one million private consumers and over 71,000 enterprises.
Rietumu Banka, founded in 1992, is one of Latvia’s largest banks, focusing on business and high-net-worth clients. Asset management, brokerage, and consultancy are all services provided by the bank. Rietumu Bank is headquartered in Riga and has offices in Belarus, Russia, Ukraine, France, Romania, and Kazakhstan.
SEB Banka was founded in 1993 and is part of the SEB Group, a Swedish financial giant. Individuals, corporations, companies, and organizations in Latvia can use the bank’s personal, private, and corporate banking products and services. It’s based in Kekavas Pagasts, Latvia.
Citadele Bank provides retail banking, private banking, and corporate banking products and services to both domestic and foreign customers in Latvia. Following a state-managed separation in 2010, the bank was formed to take over the viable assets of Parex Bank.
It has 20 branches in Latvia, a client service center in Estonia, and a branch in Lithuania.
PNG Banka (previously Norvik Banka) is one of Latvia’s oldest commercial banks, having been founded in 1992 and changing its name in November 2018. It provides a comprehensive variety of retail banking, trade and investment, and corporate banking products and services. The company’s headquarters are in Riga, Latvia.
BlueOrange Bank was founded in 2001 and provides a variety of financial and advisory services, including personal banking, brokerage, corporate banking, financial counseling, and investment banking.
The bank, which has its headquarters in Riga, also offers bespoke solutions to enterprises and high-net-worth individuals. It now has a workforce of over 210 people.
Regionala Investiciju Banka (RIB)
Regionala Investiciju Banka (RIB) was founded in 2001 and provides a comprehensive range of personal and corporate banking products and services to citizens and non-residents of Latvia.
Baltic International Bank
Baltic International Bank, founded in 1993, is one of Latvia’s specialized banks, specializing in private banking and wealth management. Clients can expect personalized, high-quality financial products and investment solutions from the bank.
Meridian Trade Bank
(previously Meridian Trade Bank) was founded in 1994 and provides a comprehensive range of banking and financial products and services to people and businesses in Latvia. In January 2020, the universal bank, formerly known as SMP Bank, changed its name to “Industra Bank.” The company’s headquarters are in Riga.
In 2008, LPB Bank, originally known as Latvijas Pasta Bank, was granted a banking license to function as one of Latvia’s banks. The bank offers a comprehensive range of financial products and services to both individual and business clients throughout the country. Its headquarters and two customer service offices are both located in Riga.
Other banks include:
- Big bank
- Expo bank
- Privat bank
- SMP bank
- Latvijas pasta banka
- Trasta komercbanka