JSC ‘SMP Bank’ was established in 1994 as JSC ‘Multibanka’. On June 17, 2008, Bank was officially registered under the name of JSC ‘SMP Bank’. These changes resulted from the acquisition of stock control in Joint Stock Company SMP Bank by SMP Bank (Commercial bank ‘Severniy Morskoy Put’), headquartered in Moscow, Russian Federation.
JSC ‘Multibanka’ predecessor is Latvian branch of the Bank for Foreign Economical Affairs of the USSR, which was founded in 1988, however it was nationalized in 1991 and became the Foreign Operations Department of the Bank of Latvia.
SMP Bank is a member of the Association of Commercial Banks of Latvia, Riga Stock Exchange and Central Depository. Head office of the SMP bank is located in Riga, it has branch offices in the other cities of Latvia.
In May 2010, equity capital of the Bank has been increased up to 8 006 200,- LVL.
SMP Bank focuses mainly on small and medium size corporate customers.