Latvian Banks.
Latvian Financial System & Banking Indices.
News, Trends, Analysis, Reports.

Latvian Banks

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There are 27 banks operating in Latvia now, many of them are owned by banks from Sweden and other Nordic countries. Many banks have significant base of nonresident deposits, six banks are branches of foreign banks. Some of the banks operate as full range banking service providers, others work in certain markets with specialized services.

According to the financial information reported for the second quarter of 2010, Swedbank is the leading bank by various positions, among them by the amount of assets, by deposits, by issued loans. SEB Banka takes the second place, other top banks are Nordea Bank Finland Latvia branch, DnB NORD Banka, Aizkraukles banka and Rietumu banka.

The commercial banking sector is controlled by the Bank of Latvia, which is an institution independent of the Latvian government. The Bank of Latvia was founded in August of 1990.

Latvian banks are working in accordance with the common principles of banking secrecy. The Latvian Credit Institutions Law was recently amended with the rules of provision the information by the credit institutions to state institutions, state officials and other institutions. These amendments were affected by the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime and on the Financing of Terrorism and developing court practice.

For those who are interested in information about Latvia and its financial system, on these pages we added some other interesting things. Latvian banking sector cannot be taken separately from Latvian economy and its current situation, which is not very simple, by the way. The economy is, of course, related to politics very much, and there is some information for tourists and visitors, and statistics for the last years taken from official and non-official sources.

Latvia is an integral part of European political, economic and cultural life. Since 1999, Latvia is a member of the World Trade Organization, and in 2004 the country became the member of NATO and the European Union. Latvia plans to enter the Euro zone but, because of the inflation level being above the guidelines, introduction of Euro was postponed.