Banks, Estonia, EU – Baltic States, Financial Services

2012 will not be easy for Latvian and European economies and financial systems, however, everything indicates that the Latvian banking sector operated with profit in 2011 and will continue to do so in 2012, predicts Rietumu banka’s President Alexander Pankov.

Last year, Rietumu banka’s assets rose 16%, totaling LVL 1.4 billion. The bank's loan portfolio stood at LVL 583 million, said Pankov.

Rietumu banka’s president believes that Latvia's banking system could serve as basis for the country's economic growth in the nearest future, writes LETA.

"We are working, taking into account various globalization trends, and attempting to develop crediting in the regions with the most successful economic growth. Rietumu banka actively supports its clients' businesses not only in Latvia, but also abroad. Other successful international financial institutions are using similar strategies. They are controlling expenditures, keeping a close eye on risks and moving their accumulated resources to the global oases of economic development and stability," points out Rietumu banka’s president.

Pankov believes that the Latvian government has managed to create preconditions for successful development of Latvia's economy. Therefore it is expected that the banks will become more active when crediting local companies. The international investors' attitude to Latvia improves as well.