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SEB Bank drops out from Latvia’s Top 3 banks list

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RURietumu Bank has entered the Top 3 Largest Banks in Latvia list. With that, SEB Bank has been pushed to fourth place.

Assets of Rietumu Bank were equal to EUR 3.788 billion at the end of Q1 2015. The bank’s volume of assets has increased 5.6% over the course of the quarter and 22.7% over the course of the year, according to statistics compiled by Latvian Commercial Banks Association.

SEB Bank’s assets were EUR 3.663 billion in Q1 2015. The volume of assets has declined by 0.6% over the course of the quarter and 3.9% over the course of the year.

Swedbank is the largest bank in Latvia in terms of assets. Swedbank’s volume of assets was EUR 5.015 billion at the end of March 2015. The bank’s assets have declined by 3.5% over the course of the quarter. Nevertheless, an increase of 0.9% has also been noted in comparison with Q1 2014.

ABLV Bank is the second largest bank in Latvia. Its assets reached EUR 4.65 billion at the end of March. The bank’s volume of assets has increased 10.4% over the course of the quarter and 29.5% over the course of the year.

In accordance with the single supervision mechanism, three of the largest banks in Latvia based on asset volume are directly supervised by the European Central Bank in cooperation with the Finance and Capital Market Commission. The aforementioned criterion applies to Swedbank, SEB Bank and ABLV Bank, which are classified as significant banks in the country.

FCMC public relations specialist Elina Avotina explains: if the volume of assets of any bank present in Latvia exceeds that of the three largest banks, it is theoretically possible for that bank to be supervised directly by ECB. Prior to that, however, FCMC and ECB have to carry out serious evaluation in order to make sure the bank’s asset growth trend is stable and sustainable.

Avotina notes that ECB currently has the following matters to maintain in regard to Swedbank, SEB Bank and ABLV Bank: compliance with requirements of the EU in regard to credit institutions’ base capital, restrictions on large transactions, liquidity and financial structure.

The total volume of assets of Latvia’s banking sector was EUR 31.277 billion at the end of Q1 2015. This volume has increased 1.3% over the course of the quarter and 12% over the course of the year. Latvian Commercial Banks Association has compiled data on 24 banks present in the country.

Nordea Bank’s Latvian branch had the fifth largest volume of assets in the country: EUR 2.843 billion at the end of March 2015.

Citadele is on the sixth place, with assets worth EUR 2.435 billion.

DNB Bank is on the seventh place – EUR 2.404 billion.

Norvik Bank is on the eighth place – EUR 1.121 billion.

Assets of all other banks in Latvia do not reach EUR 1 billion.

The Top 10 list of the largest banks in Latvia ends with PrivatBank, whose assets were equal to EUR 705.25 million at the end of Q1 2015.

Ref: 102.109.109.7456


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