Analytics, Banks, Financial Services, Latvia

Swedbank was still Latvia’s largest bank by assets. Swedbank’s assets declined 5.5% from the end of 2018 to EUR 5.575 bn at the end of June 2019.

Luminor Bank ranked second with EUR 4.296 bn in assets at the end of June, down 11.1% from the end of last year. SEB Banka came third with EUR 3.843 bn in assets, up 2.6% from the end of 2018.

During the first six months of this year, assets grew for SEB Banka, Citadele Bank (26.7%), the Latvian branch of OP Corporate Bank (10.7%), Baltic International Bank (5.4%) and Signet Bank (3%).

Meanwhile, assets declined for Swedbank and Luminor Bank, as well as PNB Banka whose operations were suspended in August (3.6%), BlueOrange Bank (5.4 %), Rigensis bank (25.5%), the Latvian branch of Danske Bank (30.7%), Regionala Investiciju Banka (17.6%), PrivatBank (3.5%), Meridian Trade Bank (4%), LPB Bank (0.5%), and Expobank (18%).

The association’s data do not include Rietumu Banka which is not a member of the association. According to the information released by the bank, its assets grew 9.6% in the first half of this year to EUR 1.48 bn, which ranks it fifth largest bank by assets in Latvia.

The above data also do not include the Latvian branch of BigBank.