Banks, Financial Services, Latvia, Legislation

13 ATM machines will be closed down this months – six in Riga, two in Ventspils, and one in Rezekne, Liepaja, Daugavpils, Aluksne and Jelgava.

The bank currently operated 74 ATM machines throughout Latvia.

The bank emphasizes that its customers can withdraw money from SEB banka and Citadele banka ATMs without commission.

GE Money Bank has been scaling down its operations in Latvia recently, closing down most of its branches throughout the country.

As reported, newspaper Biznes&Baltija reported in April that GE Money Bank is considering giving up its banking license as one of the potential scenarios for exiting the Latvian market.

GE Money Bank parent company GE Capital announced its intention of leaving the Latvian market more than a year ago. The bank was to be sold to Russian financial corporation Otkritie, but the Financial and Capital Market Commission did not allow the deal.

Alongside reviewing strategic opportunities for exiting the Latvian market in a well-thought-out and responsible manner, the bank continues its everyday operations, the bank's representative Janis Beseris informed Nozare.lv.

According to GE Money Bank report for 2012, selling the bank remains the main priority. The alternative scenario envisages refusing the banking license and transfer of liabilities on to another bank. In this case, the bank's assets or part of them could be sold, writes Biznes&Baltija.

Six GE Money companies operate in Latvia – GE Money Bank, GE Money Open Pension Fund, GE Money Asset Management, GE Money, GE Money Latvia Holdings and Finstar Baltic.