Rietumu Banka

Basic information

of the bankRietumu Banka, whose full name is "Rietumu Banka" (JSC "Rietumu Banka"), is a privately owned commercial bank established on May 14, 1992 and headquartered at 7 Vesetas Street, Riga LV-1013, Latvia. The bank is privately held by Latvian citizens, and the main shareholders include SIA ''Esterkin Family Investments'' (33.12%, sole owner Leonids Esterkins), Boswell (International) Consulting Limited (33.11%, sole owner Dermot Fachtna). Desmond) and Suharenko Family Investments (17.34%, sole owner Arkādijs Suharenko), unlisted, reflecting their private ownership structure.

Rietumu Banka's services are mainly in Latvia, but also in the Baltic region (Estonia, Lithuania) and other European countries. According to official information, all departments and administrative offices are concentrated in the Rietumu Capital Centre in Riga, indicating that its service network is mainly centralized.

In terms of regulation and compliance, Rietumu Banka is financially healthy by the Latvian Financial and Capital Market Commission (FKTK

). Rietumu Banka is in a strong financial position, with total assets of €1.5 billion, customer deposits of €1.0 billion, loans of €656 million and shareholders' equity of €360 million, according to the audited financial report for 2023. Its capital adequacy ratio of 25.65% is well above international standards (typically 8-10%), reflecting its strong capital base. The Liquidity Coverage Ratio (LCR) of 398.34% is well above the regulatory requirement of 100%, indicating its ability to withstand a potential crisis situation.

Although the non-performing loan ratio is not disclosed, its robust capital and liquidity metrics show good financial risk management.

Deposits &

LoansDeposits

Rietumu Banka offers a wide range of deposit products, including demand deposits, time deposits, accumulation deposits and interest-bearing capitalized deposits. The minimum deposit amount is €5,000 with terms ranging from 1 month to 5 years, and the term for US dollar deposits is from 3 months to 5 years. Featured products include the "Oxford" Children's Savings Deposit, designed for minor children, with a minimum single deposit of €500 and funds paid when the child reaches adulthood. The interest rate on fixed deposits ranges from 2.00% to 2.60%, and interest income on deposits is tax-free in Latvia and applies to both residents and non-residents.

Loans

The bank provides corporate loans, mortgage loans and consumer loans, with a particularly strong presence in the green loan sector, providing more than €1 billion in green financing over the past five years for renewable energy and environmental projects. The business loan requires the applicant to have at least 3 years of business experience and sufficient cash flow, and the interest rate is negotiated by both parties. Mortgages are available for real estate purchases, and consumer loans are for personal needs. Loan products include classic loans and lines of credit, with undisclosed interest rates and thresholds, but offering flexible repayment options, such as extended terms or adjustment of repayment plans. Users can use

list of common fees

, and some basic service fees, such as domestic transfers, can be waived. ATM withdrawal fees range from 1% (minimum €10) to 3% depending on the amount. Cross-border transfers and special services may incur additional costs, such as paying for order cancellations or changes ranging from €10 to €100, and customers are advised to carefully review the terms of the contract for potential hidden fees, such as minimum balance requirements.

Digital Service

ExperienceRietumu Banka's iRietumu app provides real-time money transfers, bill management, and investment tools, with built-in Digipass two-factor authentication technology for security. Although user ratings are not explicitly listed on Google, its digital platform is known for being efficient and user-friendly. The application supports biometric logins and multi-layered security protocols, and technological innovations include collaborations with FinTech projects such as the deposit platform with ZINSPILOT in Germany.

Quality of customer

serviceThe bank offers 24/7 phone support (+371 67025555), email, and live chat in English and Latvian. According to user feedback, the complaint handling process is efficient, and the response is promised within 30 days, and the customer satisfaction is high. Social media response speed information is limited, but its customer support channels are extensive, making it suitable for cross-border users.

Security measures

: Security of funds

Deposits are guaranteed up to 100,000 euros and are protected by the Latvian Deposit Protection Scheme. The bank employs advanced anti-fraud technologies, such as real-time transaction monitoring, to protect customer funds.

Data Security

Although ISO 27001 certification is not confirmed, its data security measures comply with the requirements of the European Union's General Data Protection Regulation (GDPR) and there is no record of major data breaches, demonstrating the reliability of its data management.

Featured Services &

DifferentiationRietumu Banka excels in the field of green finance, providing green loans to support renewable energy projects, raising more than €1 billion in financing over the past five years. Its private banking services are aimed at high-net-worth clients, providing customized financial solutions, such as personal portfolio management. No exclusive products for students or seniors were found, but its "Oxford" children's savings deposit reflects its focus on the financial needs of families.

Market Position & Accolades

Rietumu Banka is the most valuable local company in the field of financial services in Latvia and ranks fifth among private enterprises in the country. According to public information, its office building was awarded the Riga Architecture Award in 2010, the World Wide Fund for Nature (WWF) Green Office Certification in 2023, and the Russian Wealth Management Award in 2009, showing its recognition in sustainability and industry leadership.