| Type | JSC |
|---|---|
| Industry | Financial services |
| Founded | 1992 |
| Headquarters | Riga, Latvia |
| Key people | Leonid Esterkin, Arkady Suharenko, Dermot Desmond |
| Net income | €9,7 million |
| Total assets | €1,6 billion |
| Total equity | €196 million |
| Employees | 596 |
| Website | www.rietumu.com |
Rietumu Banka - JSC Rietumu Banka (Rietumu, Rietumu Bank) is a Latvian commercial bank that was established in 1992. It is one of the largest private banks in the Baltic States, specialising in corporate banking and affluent individuals. It is headquartered in Riga.
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The Bank is well represented in the global market, providing a full range of financial services to customers all over Europe, the Baltic States, Russia, Ukraine, Belarus, and other regions. Apart from traditional banking services, such as crediting, financing trade operations, deposits and international payments, Rietumu Bank provides consulting services (including tax consultations), brokerage services, asset management, consulting, and assistance in obtaining a residence permit in Latvia, as well as offering deluxe credit cards.
According to unofficial data, one of the bank’s subsidiary companies provides a wide range of services in the registration and management of offshore companies.
Apart from the headquarters in Riga, the bank’s representative offices operate in Paris, Moscow, Kiev, Minsk, Almaty and Bucharest. Remote banking is provided by means of internet banking, the home banking system, and the banking application for the iPhone. Services are provided in Russian, English, French, German and Latvian.
In accordance with the audited financial report data for 2010, Rietumu Bank’s net profits in 2010 amounted to EUR 4.6 million and the profits for the Rietumu Group totalled EUR 9.7 million.
As of 31.12.2010, the total assets of Rietumu Bank total EUR 1.6 billion, while the credit portfolio amounts to EUR 763 million, the total client deposits have reached EUR 1.4 billion, and the capital and reserves equal EUR 196 million. The capital adequacy ratio is 17.8%.
The meeting of shareholders reached a decision by which the net profit gained would not be distributed, instead leaving it at the disposal of Rietumu[1].
In 2004 the international financial magazine, Global Finance, called Rietumu Bank the best bank in Latvia in the field of currency operations.
In 2009 Rietumu Bank became the winner of the prestigious Russia Wealth Management Awards 2009. The award was granted to Rietumu in the nomination, “The best bank in the CIS and Baltic States to provide private banking and capital management services for Russian clients”.
Rietumu Bank holds second place in the ratings for the most dynamically developing banks of Central Europe, as published by The Banker magazine[2].
The authoritative business magazine, Business New Europe, has conducted research of the operation of the ‘new Europe’ banks in 2009-10 and, according to the research results, Rietumu was named the best Latvian bank[3].
The chief shareholders of JSC Rietumu Bank are two citizens of the Republic of Latvia, Leonid Esterkin with a share of 33.119% and Arkady Suharenko with 17.335%, and Boswell (International) Consulting Limited with 33.11%, whose sole owner is a citizen of the Republic of Ireland, Dermot Desmond[4].
The bank's management is provided by the shareholders, the Council and the Board.
The Council of Rietumu Bank:
The Board of Directors: