Banks in Latvia

ABLV Bank, headquartered in Riga, was one of the largest banks in Latvia. The company was formerly known as Aizkraukles Banka and changed its name to ABLV Bank in 2011. Its total assets amounted to EUR 3.724 billion at June 30, 2017. After the then Financial and Capital Market Commission determined on 23 February 2018 that its deposits were unavailable, shareholders approved self-liquidation on 26 February 2018; the self-liquidation was confirmed on 12 June 2018, and the bank remains in liquidation under liquidators Jānis Kārkliņš and Armands Smans.

Baltic International Bank – A Riga-based private bank established in 1993. As of December 31, 2016, it had total assets of approximately EUR 308 million and total clients' funds of EUR 444 million. Baltic International Bank SE is insolvent and in insolvency proceedings, with an administrator realising its assets on behalf of creditors.

Baltikums Bank – An international private bank established on June 22, 2001. The Bank’s primary lines of business are managing the capital of high net worth individuals, banking, investment and lending services.

Danske Bank A/S (Latvia Branch) was a branch of Danske Bank Group, the largest bank in Denmark and one of the leading financial institutions in northern Europe. Following the group’s withdrawal from the Baltic market the branch was struck off the Latvian register on 23 March 2020, and Danske Bank no longer provides banking services in Latvia.

AS DNB banka – Formerly one of the largest universal banks in Latvia in terms of assets, deposits and loans, and a subsidiary of DNB, the largest financial group in Norway. It had two subsidiaries, SIA DNB līzings and IPAS DNB Asset Management, and total assets of EUR 2.392 billion as of September 30, 2015. On 2 October 2017 the same legal entity was renamed Luminor Bank AS, combining DNB’s Latvian business with Nordea’s Baltic operations; the DNB name is no longer used in Latvia.

Bank M2M Europe was formerly known as Latvijas Biznesa banka or Latvian Business bank.

Expobank (formerly LTB Bank) provides financial services to retail and corporate customers. It is one of the oldest banks in Latvia with a branch in Cyprus and a representative office in Hong Kong. The Bank’s assets at the end of June 2015 amounted to EUR 412.917 million.

GE Money Bank AS transferred its products to Citadele Bank. Citadele took over current accounts, deposits, saving accounts and performing loans. GE Money Asset Management funds and pension funds also moved to Citadele Asset Management. GE Money Bank changed its name to GE Capital Latvia in November 2013.

Handelsbanken has been operating in Latvia since 2008. It offers a wide range of financial services including current accounts, term deposits, consumer and business loans, debit and credit cards, payments and cash management, online banking and more.

Hipoteku banka (Mortgage and Land Bank of Latvia) – A joint-stock company incorporated in the Republic of Latvia. In April 2015 it was reorganised into the Development Finance Institution Altum (JSC), a state-owned development finance institution rather than a commercial bank, which provides loans, guarantees and support programmes to individuals, rural and other enterprises, manages investment funds and administers the Land Fund.

Latvijas Banka (Bank of Latvia) – The central bank of Latvia, established on September 7, 1922, and part of the Eurosystem. Its Governor is Mārtiņš Kazāks. Latvijas Banka has also assumed the financial-market supervision functions formerly carried out by the Financial and Capital Market Commission, which no longer exists as a separate body.

Latvijas Krajbanka – A Latvian bank founded in 1924 as the Latvian Postal Savings Bank. In May 2012, the Council of the Financial and Capital Market Commission decided to cancel the banking license issued to AS Latvijas Krājbanka.

LTB Bank (former Latvijas tirdzniecibas banka) – On May 2, 2012, LTB Bank started operating under a new brand name – Expobank. As at 31 March 2012, Igor Kim, citizen of the Russian Federation, was the sole shareholder of LTB Bank.

Meridian Trade Bank (formerly SMP Bank) – A Latvian bank established in April 1994. It has over 25 domestic branches and offices in Russia and Lithuania. The company was formerly known as SMP Bank and changed its name to Meridian Trade Bank in 2014. As of June 30, 2015, Meridian Trade Bank had total assets of EUR 271.953 million.

Nordea Latvia Branch provided a full range of banking products and financial services to corporate and private customers until Nordea’s Baltic business was combined with that of DNB to form Luminor Bank; the branch was struck off the Latvian register on 13 July 2018.

Norvik Banka (formerly known as Lateko Banka) – Formerly one of the ten largest banks in Latvia, with total consolidated assets of over 1 billion EUR. The same legal entity, registration number 40003072918, was renamed PNB Banka in November 2018 and was subsequently declared insolvent; it remains in insolvency proceedings, and guaranteed deposit compensation is paid out through Latvijas Banka.

Parex Bank – A Latvian bank established in 1992. It had branches and offices in 14 countries including Germany, Sweden, Switzerland, Japan, Russia, Ukraine, Azerbaijan, Estonia and Lithuania. The Bank changed its name to Reverta in May 2012 and was struck off the Latvian company register on 15 September 2025.

AS PrivatBank – A subsidiary of Ukrainian PrivatBank International Banking Group, the largest commercial bank in Ukraine in terms of assets, loans and number of customers.

Regionala investiciju banka (RIB) – A Latvian bank established on 14 September 2001. It provides financial services to corporate and retail customers in Latvia and Ukraine. Regionala Investiciju Banka operates as a subsidiary of Pivdennyi Bank which owns 52.2% of the shares. Pivdennyi Bank is the largest and the most stable private bank in the south of Ukraine.

Reverta (formerly Parex banka) – The state-owned vehicle that managed the distressed assets left after Parex banka was split. The company was known as Parex banka until May 2012, when it was renamed Reverta. On 30 June 2015 Reverta’s total assets amounted to EUR 194.9 million. It was wound up and struck off the Latvian company register on 15 September 2025.

Rietumu Banka – A leading private bank in the Baltic States. It offers a wide range of banking products and services for corporate clients and high net worth individuals. It has representative offices in France, Russia, Romania, Ukraine, Belarus and Kazakhstan. As of June 2015, Rietumu Banka had total assets of EUR 3.629 billion, current accounts and deposits of EUR 3.189 billion and approximately 970 employees.

SEB banka (formerly Latvijas Unibanka) – One of the largest banks in Latvia. As of September 30, 2015, the company had total assets of EUR 3.618 billion.

Swedbank AS, Latvia – One of the leading financial institutions in Latvia. As of September 30, 2015, it had total assets of EUR 5.276 billion and loans and advances of EUR 3.148 billion.

Trasta Komercbanka (TKB) – The oldest private bank in Latvia founded in 1989. The priority of the Bank is exclusive banking services for private individuals and companies. TKB has branches in Liepaja and Daugavpils and a foreign branch in Cyprus. As of June 2015, TKB’s assets amounted to EUR 582.804 million.

UniCredit Bank Latvia – AS “UniCredit Bank” started its business in Latvia in 1996. It provides a broad array of financial services including current and savings accounts, term deposits, loans, credit cards, treasury products, leasing, and insurance.

VEF Banka – In May 26, 2010, the Financial and Capital Market Commission annulled VEF banka’s license. As of May 2010, VEF bank had LVL 4.9 million in assets and 170 depositors, only 20 of whom had account balances greater than LVL 1,000.

Citadele banka – One of the largest banks in Latvia and a full member bank of the Finance Latvia Association. Registered as a joint-stock company in June 2010 and trading from August 2010, it provides retail, SME, corporate and private banking services in Latvia and elsewhere in the Baltic states.

Luminor Bank – One of the largest banks in Latvia and the Baltic region, formed from the combination of the Baltic operations of DNB and Nordea. It serves private, corporate and institutional customers in Latvia, Lithuania and Estonia, operating in Latvia as a branch of Luminor Bank AS (Estonia).

Magnetiq Bank (formerly LPB Bank, and originally Latvijas Pasta banka) – A Latvian bank headquartered in Riga, providing payment, acquiring and banking services to business customers.