Banks, Financial Services, Latvia, Legislation

Eugene Dugaev has left the Board of Rietumu Banka, but the following people will continue serving as the Board members: Alexander Pankov, Jelena Buraja, Rolf Fuls, Natalia Ignatjeva, Natalja Perhova, Ruslan Stecyuk, Ilya Suharenko and Alexander Voloshin.

The changes in the composition of the bank's Board have been registered with the Latvian Commercial Register on April 16th.

As reported, Rietumu Banka closed 2017 with a profit of EUR 33.034 million, which is 2.4 times less than in 2016, according to the unaudited annual financial statements. The profit of Rietumu Group last year shrank 2.5 times year-on-year to EUR 33.494 million.

The bank' expects to receive the auditors' opinion about its financial statements in April.

At the end of 2017, Rietumu Banka was the fifth largest bank in Latvia by assets. 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%).