Banks, Financial Services, Latvia, Legislation

Therefore both banks have a total of 202 ATMs.

"We are jointly looking for new cooperation opportunities within the new structure, which would give new opportunities to our clients. The fist step is cooperation in the payment card area and the merger of the ATMs, which will significantly increase both banks' efficiency," said Belavskis.

Mortgage Bank's deputy board chairman and Parex banka council member Rolands Panko said that the new agreement would improve customer service and reduce payment card service costs for both banks.

Most Parex banka ATMs are concentrated in Riga, especially in shopping malls, as well as in other major cities of Latvia, whereas most Mortgage Bank ATMs are located in Latvia's regions, for instance, Aizkraukle, Dobele, Kuldiga, Madona, Preili, Valka and others.

As reported, Parex banka has become a subsidiary of Mortgage Bank, which is the only 100% government owned bank in Latvia.

The Mortgage Bank priorities include aid for small and medium-sized business as well as promoting the economic activity in all the regions of Latvia in cooperation with private commercial banks.