Banks, Financial Services, Latvia

Swedbank, ABLV Bank and Rietumu Banka were the three largest banks by assets at the end of March, according to information released by the Association of Latvian Commercial Banks. Other positions on the top-ten list did not change either: SEB Banka remained fourth, followed by the Latvian branch of Nordea Bank, Citadele Bank, DNB Banka, Norvik Banka, Baltikums Bank and Regionala Investiciju Banka.

Swedbank's assets were worth EUR 5.4 billion at the end of the first quarter, having grown by 7.9% against the end of March 2015.

ABLV Bank increased its assets by 1.2% year-on-year to EUR 4.7 billion at the end of March 2016.

The assets of Rietumu Banka contracted 2.2% to EUR 3.7 billion.

At the end of March 2016, the assets of all three largest banks were smaller than at the end of 2015.

At the end of March 2016, assets stood at EUR 3.55 billion for SEB Banka, EUR 3.08 billion for Nordea, EUR 2.55 billion for Citadele, EUR 2.24 billion for DNB Banka and EUR 1.08 billion for Norvik Banka.

Other Latvian banks' assets were smaller than EUR 1 billion at the end of the first quarter.

The aggregate value the Latvian banking sector's assets reached EUR 30.89 billion at the end of March, down 3.3% from the end of last year and down 1.1% from the end of March 2015. The statistics cover 23 banks and branches of foreign banks operating in Latvia. This year's statistics do not include Trasta Komerbanka, which is currently under liquidation.