Bank BasicsBluOr
Bank AS (formerly Baltikums Bank) is a private commercial bank focused on providing financial services to corporate and high-net-worth clients. It was founded in 2001 in Riga, Latvia, changed its name to BluOr Bank AS in March 2022 and is headquartered in Smilšu iela 6, Rīga, LV-1050. Founded by four Latvian entrepreneurs, it is an unlisted private bank that reflects its agile operating model and focus on the local market.
The bank's services cover Latvia, Estonia, Russia, the United Kingdom and Cyprus, among others, demonstrating its presence in European and international markets. As the sixth largest bank in Latvia, BluOr Bank AS has an extensive service network, the exact number of offline branches is not specified, but it provides convenient withdrawal services through the 1Link ATM network, which is especially important for traditional banking customers.
Regulation &
ComplianceBluOr Bank AS is regulated by the Latvian Financial and Capital Market Commission (FKTK) and adheres to the European Union's deposit protection scheme, which ensures that deposits of individuals who are EU residents are protected by up to €100,000. No significant compliance issues have been identified in the recent past, indicating that its operations are stable and in compliance with regulatory requirements.
Financial HealthBluOr
Bank AS is in a strong financial position with the following key financial indicators for 2023:
- Capital adequacy ratio: 16.19% (core Tier 1 capital adequacy ratio of 14.97%), well above regulatory requirements, demonstrating its strong capital base.
- Liquidity Coverage Ratio: 176.6%, well above the regulatory requirement of 100%, demonstrating its strong ability to manage short-term liquidity.
- Non-performing loan ratio: No specific data is disclosed, but overall financial performance is good.
- Other indicators: Net profit in 2023 of 12.6 million euros, up 20.1% compared to 2022; Net income of 37.5 million euros; Shareholders' equity of 84.7 million euros; Total assets amounted to 924 million euros, an increase of 35% compared to 2022, indicating the expansion of its business and the improvement of profitability.
Deposits &
LoansDeposits
BluOr Bank AS offers a variety of deposit products, including:
- Current Account: Suitable for corporate and individual customers, supporting multi-currency, unlimited transactions, suitable for daily use.
- Fixed deposits: Deposit products with different maturities are available with interest rates of up to 2.50% (2024 data), such as subordinated deposits with a maturity of 5-7 years at an interest rate of 4.5%-6% and a maximum of 500,000 euros.
- High-yield savings accounts, such as the Al Baraka Shafqat Account, offer competitive profit margins.
Loans
BluOr Bank AS's loan products include:
- Housing loans: participate in the "My Latvia, My Home" low-cost housing program to support first-time home buyers, with specific interest rates and thresholds to consult the bank.
- Car Loans: Car financing is available through Al Baraka Carsaaz with flexible terms.
- Personal Line of Credit: Not specific, but banks offer a variety of financing options.
- Flexible repayment options: Deferred or adjusted repayment plans to meet customers' individual needs, such as initial loan approval within 24 hours.
List of common fees
The fee structure of BluOr Bank AS includes the following items:
- Account management fee: €5 per month for corporate customers and free for personal accounts.
- Transfer fee:
- Domestic transfer (friendly payment):
- Peer transfer: free of charge.
- Instant transfer (24/7): EUR 0.40.
- Standard transfer: EUR 0.40.
- Urgent transfer: 15 euros.
- ATM interbank withdrawal fee:
- BluOr Bank ATM: 2 euros (free for personal accounts, up to 500 euros for withdrawals).
- ATMs of other banks: 2% + 4 euros (free for personal accounts, withdrawal limit up to 500 euros).
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Digital Service
ExperienceBluOr Bank AS provides a comprehensive range of digital services:
- APP & Online Banking:
- Mobile App: Available for iOS and Android, with features including real-time transfers, bill payments, QR payments, account management, and ATM/branch locators. It supports Digipass or PIN login, as well as TouchID/FaceID, and has a rating of 4.5 stars in the Apple App Store.
- Online Banking: Available through the official website [www.bluorbank.lv/latvija/en], supporting remote deposits and account opening.
- Core features: Real-time transfers, bill management, investment tool integration, remote deposits, and account opening.
- Technological innovation: No specific information such as AI customer service or robo-advisors was discovered, but remote identity verification and digital transactions were supported.
Quality of Customer
ServiceBluOr Bank AS is committed to providing high-quality customer service:
- Service channels: 24/7 phone support (+371 67031311), email ( info@bluorbank.lv) in English and Latvian, with possible other languages.
- Complaint handling: No specific data is disclosed, but the bank promises to quickly handle customer inquiries and complaints, such as preliminary loan approval within 24 hours.
- Multi-language support: Suitable for cross-border users, English and Latvian services are available.
Security
MeasuresBluOr Bank AS takes a number of measures to ensure the safety of client funds and data:
- Security of funds: Deposits are guaranteed up to €100,000 (for individuals who are EU residents) through the EU Deposit Protection Program. Adopt advanced technologies such as real-time transaction monitoring to protect the safety of customer funds.
- Data security: ISO 27001 certification is not confirmed, but as a regulated bank, its data protection measures should comply with EU data protection regulations. No major data breaches were reported.
Featured Services & DifferentiationBluOr
Bank AS stands out in the market through the following featured services:
- Market segments:
- Green Finance: Participation in renewable energy financing programs to support projects such as solar and wind energy, such as CLT Profi (exporter of wood panels), ZS Karotītes (organic poultry farming), etc.
- High-net-worth services: providing cross-border financial support to high-net-worth clients through the Group's international network.
- Differentiation:
- Focused on corporate clients with non-standard loan needs, offering quick decision-making and personalized financing solutions, such as projects such as Merito Partners (redevelopment of the Straume Industrial Park) and YIT (second building in Marpagalmi).
- Supporting export companies and developers to promote the economic development of Latvia.
Market Position & Accolades
BluOr Bank AS occupies an important position in the Latvian banking sector:
- Industry ranking: 6th largest bank in Latvia with total assets of more than 924 million euros (2023 data).
SummaryBluOr
Bank AS is a private commercial bank with a focus on corporate and high-net-worth clients, with a strong financial position, an extensive service network and innovative digital services, which occupies an important position in the Latvian and European markets. As a bank focused on non-standard loan needs, BluOr Bank AS meets diverse customer needs through rapid decision-making, personalized financing solutions and green financial support. Its performance in regulatory compliance, fund security, and customer service makes it a trusted financial partner. BluOr Bank AS's long operating history and group support ensure its stability and competitiveness in the market.
