Banks, Financial Services, Latvia

"The intense information background around the latest developments in the Latvian financial sector, of course, has attracted attention of some customers. However, as far as it is known, these events refer to particular market players and do not affect the country’s overall financial situation, according to Latvia’s officials," she said.

International credit rating agency Moody’s on Monday published a comment in relation to the situation in the Latvian banking system, following the EU Single Resolution Board’s announcement on liquidation of Latvia’s ABLV Bank, saying that such high-profile incidents shake the Latvian banking system and their credit ratings. Although the developments are credit negative for all banks, those that rely more heavily on non-resident deposits to fund their operations are the most vulnerable, including ABLV Bank, Rietumu Banka, and Norvik Banka, Moody’s said.

In terms of assets, Rietumu Banka was the fourth largest bank in Latvia in September 2017. The bank's main shareholders are Esterkin Family Investments (33.12%), Maltese company Boswell (International) Consulting Limited (33.11%), and Suharenko Family Investments (17.34 %). Bonds issued by Rietumu Banka are quoted on the Baltic Bond List of the Nasdaq Riga stock exchange.