Rietumu Banka
 | |
| JSC | |
| Industry | Financial services |
| Founded | 1992 |
| Headquarters | Riga, Latvia |
Key people | Leonid Esterkin, Arkady Suharenko, Dermot Desmond |
 €72,179 million | |
| Total assets |
€3,785,767 billion |
| Total equity |
€432,841 million |
Number of employees | 769 |
| Website |
www |
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.
Operation
The Bank is well represented in the global market, providing a full range of financial services to customers who have business in 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, brokerage services, asset management, consulting, and assistance in obtaining a residence permit in Latvia, as well as offering deluxe credit cards.
Apart from the headquarters in Riga, the bank’s representative offices operate in Moscow, Kiev, Minsk, Almaty, Bucharest and Yerevan. Remote banking is provided by means of internet banking, the home banking system, and the banking application for the iPhone. Services are provided in Latvian, Russian, English, French, German and Chinese.
Performance Indicators
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]
According to the audited financial statement for the year 2015, the net audited profit of the bank for the past year has reached EUR 72.2 million. The bank assets amount to EUR 3.8 billion, exceeding the corresponding figures as of 31.12.2014 for 8.9%. The volume of customer deposits has reached EUR 3.2 billion (+4%), equity and reserves have been increased for 34% to EUR 433 million.Capital adequacy ratio was 19.43%, return on equity after tax (ROE) – 19.09%, return on assets (ROA) – 1.99% 2015 Annual Report.
Asset Dynamics
Equity Capital Dynamics
Achievements and Awards
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]
In 2015
- The bank has released significant and up-to-date hi-tech products: an internet bank app for Apple Watch was introduced, the first time it has been made available in the region, apps for Android and Windows Phone were launched. Apps for iPhone and iPad were renewed and improved.
- Rietumu Asset Management offered clients the individual investment portfolios Commodity Basket and Brands&Luxury with participation interest in the funds. An impressive increase in card service development was accomplished in cooperation with the new processing centre DECTA, offering brand new possibilities for Visa and MasterCard cards.
- Rietumu Bank, uniquely among banks in the Baltics, has received PCI-DSS certification.A support programme for startups has been developed. We've started cooperation with the largest community in Latvia in the sphere of IT and startups – TechHub Riga. The bank has also become a partner of the "Silicon Valley Comes to the Baltics" forum and competition for the best startup.
- The issuing of Rietumu bonds went successfully, and demand significantly exceeded supply.
- The company «ВестЛизинг», one of the biggest players on Belarus market, started working under the brand name «RietumuЛизинг».
- The bank became the "SPEAR'S Russia Wealth Management Awards" award winner for the fifth time.
- The bank supported the major cultural events of the 2015 season in Latvia: the festivals "Rendez-vous with Laima Vaikule" and the World Jazz Festival, as well as the exhibition "Rerikh in Latvia".
- The bank has become a general partner of Moscow International Biennale – one of the most influential contemporary art events.
Owners and Management
The shareholders of JSC Rietumu Bank are companies residents (Latvia): SIA "Esterkin Family Investments" with a share of 33.12% and SIA "Suharenko Family Investments" with a share of 17.34%; Boswell (International) Consulting Limited with 33.11%,[4] whose sole owner is a citizen of the Republic of Ireland, Dermot Desmond.[5]
The bank's management is provided by the shareholders, the Council and the Board.
The Council of Rietumu Bank:
- Leonid Esterkin
- Arkady Suharenko
- Brendan Thomas Murphy
- Dermot Fachtna Desmond
- Alexander Gafin
- Valentin Bluger
The Board of Directors:
- Chairman of the Board, President – Alexander Pankov
- First Vice President – Ruslan Stecjuk
- Senior Vice President – Ilya Suharenko
- Senior Vice President – Eugene Dugaev
- Senior Vice President – Renat Lokomet
- Senior Vice President – Rolf Paul Fuls.[6]