Banks, Financial Services, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Friday, 19.04.2019, 05:52

All banks have confirmed they will continue operations in financial sector in Latvia

BC, Riga, 04.04.2018.Print version
All banks operating in Latvia have confirmed to the Financial and Capital Market Commission that they will continue their operations in the financial sector, Ieva Upleja, head of the Financial and Capital Market Commission's Communications Department, told LETA.

Speaking of the banks' business plans, Upleja said that all banks that had to revise their business plans each had different approach and strategy, as well as active dialog with the Financial and Capital Market Commission. There are different timeframes for all banks.

"Each bank has its own homework to do," added Upleja. To some banks, it means minor corrections to their business strategies, other banks may have to halt serving third-country clients, and yet other banks may have to change their business practices.

Upleja also said that the banks' ideas were viable. "There are different visions, viable ideas, which can also be seen in auditors' opinions of the banks' financial reports for 2017."

It the banks' shareholders that have to decide whether to continue investing in the banks, given the banks' reduced business volumes and lower profits, added Upleja. No banks have said that they see no future for themselves, which may be partly explained by the fact that, to date, Latvian banks' profitability and return on investment have been among the highest in the entire eurozone, she said.

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