Banks, Financial Services, Latvia, Loan, Real Estate

The transaction and customer transfer will be carried out in a month's time after the deal clears the Financial and Capital Market Commission, the Finance Ministry told the Nozare.lv business portal.

"We are pleased at the job we have done together with our colleagues from the Latvian Mortgage and Land Bank and the consulting company Superio in preparation of the deal and harmonization of the conditions thereof. I believe that these conditions are in every party's interest, in line with the government strategy on banks, as well as in the interest of Rietumu banka that in Latvia is targeted at corporate business and large-scale projects," said Rietumu banka board member Renat Lokomet.

As reported, part of the Mortgage Bank's commercial segment has already been sold in accord with the government's decision in 2009 that the commercial banking activity of the bank would be halted by the end of 2013.

Last spring, agreements on sale of four Mortgage Bank commercial segments to Swedbank were concluded, under which Swedbank bought Mortgage Bank's loans to private individuals and legal entities, settlements and deposits, and Mortgage Bank's leasing company.

On the other hand, "SEB Wealth Management" took over the management of second pillar pensions.