LHV Bank closes the Latvian office
LHV Bank, a subsidiary of AS LHV Group, will close the bank’s Latvian branch as of 31 March this year.
The activities of LHV Bank in Latvia have been small-scale. LHV Riga branch has five employees servicing around 500 retail customers that use investment services. LHV Bank will soon inform its Latvian customers about the closing of the office and ask them to transfer their assets to another bank in Latvia.
LHV Bank has always followed the commercial interests of its customers and has been where they 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 Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV employs over 250 people and more than 70,000 customers use LHV’s banking services. LHV's pension funds have over 130,000 customers.
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