The AS Latvijas Universālā banka was founded in September 1993, having united a total of 21 separate sections of various banks. The strategic goal of Latvijas Unibanka was to become the largest bank in Latvia by the year 2000.
In July 1994, Latvijas Unibanka was placed under the management of the Privatization Agency. In October 1995, it was incorporated as a private stock company, with half of the shares belonging to private investors and the other half to the State. On January, 1996, the Latvijas Unibanka shares were listed officially in the Riga Stock Exchange (Rīgas Fondu birža). Also, in 1996 the shares of the bank were acquired by the European Reconstruction and Development Bank and by Swedfund International AB.
In December, 1997, Latvijas Unibanka was listed on the London Stock Exchange, and the shares of Latvijas Unibanka, owned by the Privatization Agency, were successfully distributed within the framework of the international money market Global Depository Receipt (GDR).