Banks, Financial Services, Latvia, Legislation

The bank announced changes to its board on April 25th.

The bank's management board now consists of - Fuls, Ruslan Stecyuk (deputy chairman of the board), Ilya Suharenko (deputy chairman of the board), Natalia Ignatjeva (member of the board) and Jelena Buraja (member of the board).

Fuls has been one of the key top managers of Rietumu Banka for the past 20 years. In previous years, Fuls oversaw the issues of financial control and accounting, technology development, correspondent relations, treasury, as well as various areas related to customer service - such as lending and wealth management, the bank informs.

"Changes in the membership of the management is a logical part of the entire transformation program. The bank is reviewing its strategy and becoming more compact and flexible – by means of this, we will be able to carry out transformations and implement new business ideas faster and more efficiently. All the members of the current board are highly qualified specialists and experienced Rietumu Banka employees, - I am sure that their professionalism will help us to move forward with maximum efficiency," says Arkady Suharenko, deputy chairman of the Rietumu Banka council.

Meanwhile, Alexander Pankov, the former chairman of the board, will continue working in the bank and will oversee a number of strategic areas of the bank's activities.

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.