Banks, Financial Services, Latvia

In the third quarter of this year, SEB Banka climbed from the third position to the second position by assets, while ABLV Bank moved down to the third position. At the same time, the Latvian branch of Nordea Bank dropped out of the TOP 5, ranking sixth by assets in late September. Starting from October, the Latvian branch of Nordea Bank is not providing financial services any more and has handed over its assets to Luminor Bank (formerly DNB Bank) as a result of a merger. Thus, Rietumu Banka became the fourth largest bank, and Citadele was the fifth largest bank by assets.

Swedbank still boasted the largest assets among Latvian banks – EUR 5.1 billion at the end of September or by 4% or EUR 214.887 million down from the end of 2016.

SEB Banka was the second largest bank with assets worth EUR 3.68 billion, up 3% or EUR 105.779 million from the end of 2016, and ABLV Bank followed with EUR 3.648 billion in assets, down 5.9% or EUR 228.718 million from late 2016.

Rietumu Banka’s assets in late September reached EUR 3.092 billion, down 14% or EUR 501.513 million from late 2016, Citadele’s assets dropped 6.6% or EUR 181.725 million to EUR 2.579 billion.

In the first nine months of this year assets rose also for Luminor Bank by 4.5%, for the Latvian branch of Danske Bank by 53.9%, for Latvijas Pasta Banka by 8.8%, and for the Latvian branch of BigBank by 16.1%.

Meanwhile, assets dropped for 15 banks, including for the Latvian branch of Nordea Bank by 26%, for Norvik Banka by 4%, for BlueOrgange Bank by 11.7%, for Regionala Investiciju Banka by 24.5%, for Meridian Trade bank by 6.3%, for Baltic International Bank by 8.5%, for the Latvian branch of OP Corporate Bank by 1.2%, for Rigensis Bank by 15.9%, for PirvatBank by 16.4%, for Expobank by 13.8%, for Signet Bank (formerly Bank M2M Europe) by 0.2%.