LHV's bid for retail bank branch in Latvia approved
The Latvian Financial Supervision Authority has given permission to LHV Bank, a cashless Estonian-owned bank, to open a Latvian branch.
Bank services will start to be offered sometime in the next few months.
To this point, LHV Bank's Latvian activity has been confined to being a registered cross-border service provider offering investment services, much as it does in Lithuania, where it made 600,000 euros in profit last year.
Now it will provide the full range of classic retail banking services - except for cash withdrawals, which will only be available through other banks' ATMs.
The branch will be headed by Maris Rambaks, who has been with the Latvian office since 2005.
LHV recently reported a 9.7-million euro profit in 2014, more than double the 4.3-million the bank earned in 2013.