Eesti Krediidipank Opens Latvian Branch
One of Estonia's longest-established banks, Eesti Krediidipank, has announced that it is taking over the Riga-based Latvijas Biznesa Banka as of March 15.
The move is a result of a 2010 decision by the shareholders of both banks, a press release from Krediidipank said.
Both are part of a group owned by the Bank of Moscow, which decided last year to merge them to increase competitiveness, according to Latvijas Biznesa Banka.
Krediidipank said that daily services wouldn't be affected and that clients' deposits would now be insured up to 100,000 euros as according to the Estonian law.
In addition to the two existing bank branches in Riga, Krediidipank is planning to open a third in the near future.
Founded in 1992, Eesti Krediidipank is one of several banks that appeared in Estonia immediately after independence was re-established.
The company says it currently serves over 65,000 customers in 11 Estonian towns.
Steve Roman