Estonian banking group LHV Bank, a subsidiary of AS LHV Group, is set to shut down its branch in Latvia.

The Latvian subsidiary of LHV Bank handles small-scale activities. The branch operates with only five employees and caters to about 500 retail customers.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The bank said that the closure of the Latvian branch, which is slated to take effect on 31 March 2016, will not add significant one-off costs.

"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 bank said in a statement.

LHV Group has a workforce of over 250, and serves over 70,000 customers. The group’s pension funds serve over 130,000 customers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.