Latvian Bank Account

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Swedbank was founded in 1820 in Gotheborg as the first savings bank in Sweden. Currently Swedbank is the leading financial instution in the markets of Sweden, Estonia, Latvia and Lithuania, and is listed as a large capital company on the OMX Nordic Exchange, Stockholm. Swedbank is headquartered in Stockholm.

Swedbank Group is present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Marbella, Moscow, New York, Oslo, Shanghai, St. Petersburg and Tokyo. As of December 2008, the Group has approximately 21,000 employees and reported total assets of SEK 1,812 billion.

By 31 March 2009, Swedbank reported total assets of SEK 1,831 bn, operating profit of SEK 3,358 mln (January-March 2009). The amount of total loans to the public were SEK 1,254 bn, fund assets under management were SEK 351 bn. In the second quarter of 2009, Swedbank was the holder of the largest market share by assets, the amount of deposits and loans in Latvia.

Bank’s Swedish operations are environmentally certified in accordance with ISO 14001.

Swedbank offers a full range of financial services for private individuals, corporate customers and organizations, including savings accounts, mortgages, insurance plans, loans, credit cards, pensions and investments.

In Latvia, the bank had approximately 0.8 million private customers (0.7 million of them are Internet customers) in 2008. There are about 2.300 employes in 70 Latvia’s offices of Swedbank.

On 20 October 2009, Swedbank has published the financial results for the third quarter of the year, which showed that operational profit of Swedbank Latvia was LVL 20 million in the third quarter of the year; however, net loss of Swedbank Latvia for the period was LVL 88m. In this quarter, the number of Swedbank Latvia customers reached one million, and the bank remained the leading bank in Latvia. Also, the share of electronic settlements at Swedbank continued to grow during the 3rd quarter and now is at 98.26%. At the same time, the fast slowdown of Latvia economy caused such actions of the bank as increasing provisions and low amount of new lending projects. Swedbank Latvia net loan losses were LVL 120 mln during the third quarter of 2009.