Banks, Estonia, Financial Services, Latvia, Legislation

"The activities of LHV Pank in Latvia have been small-scale. The Riga branch of LHV has five employees serving around 500 retail customers that use investment services. LHV Pank will soon inform its Latvian customers about the closure of the office and ask them to transfer their assets to another bank in Latvia," LHV said in a disclosure to the stock exchange.

It said LHV Pank has always followed the commercial interests of its customers and has been where customers are. Estonian companies today require more services and support in the direction of Western Europe and it is sensible to develop the services of the bank accordingly.

The branch closure will not add significant one-off costs, LHV added.

LHV Group is the largest locally owned financial group and capital provider in Estonia. LHV Group employs over 250 people and more than 70,000 customers use LHV's banking services. LHV's pension funds have more than 130,000 customers.