Rietumu Banka - JSC Rietumu Banka (Rietumu, Rietumu Bank) is a Latvian commercial bank that was established in 1992. It is one of the largest private banks in the Baltic States, specialising in corporate banking and affluent individuals. It is headquartered in Riga.
The Bank is well represented in the global market, providing a full range of financial services to customers who have business in Europe, the Baltic States, Russia, Ukraine, Belarus, and other regions. Apart from traditional banking services, such as crediting, financing trade operations, deposits and international payments, Rietumu Bank provides consulting services, brokerage services, asset management, consulting, and assistance in obtaining a residence permit in Latvia, as well as offering deluxe credit cards.
Apart from the headquarters in Riga, the bank’s representative offices operate in Moscow, Kiev, Minsk, Almaty, Bucharest. Remote banking is provided by means of internet banking, the home banking system, and the banking application for the iPhone. Services are provided in Latvian, Russian, English, French, German and Chinese.
In accordance with the audited financial report data for 2010, Rietumu Bank’s net profits in 2010 amounted to EUR 4.6 million and the profits for the Rietumu Group totalled EUR 9.7 million.
As of 31.12.2010, the total assets of Rietumu Bank total EUR 1.6 billion, while the credit portfolio amounts to EUR 763 million, the total client deposits have reached EUR 1.4 billion, and the capital and reserves equal EUR 196 million. The capital adequacy ratio is 17.8%.
The meeting of shareholders reached a decision by which the net profit gained would not be distributed, instead leaving it at the disposal of Rietumu.
According to the audited financial statement for the year 2015, the net audited profit of the bank for the past year has reached EUR 72.2 million. The bank assets amount to EUR 3.8 billion, exceeding the corresponding figures as of 31.12.2014 for 8.9%. The volume of customer deposits has reached EUR 3.2 billion (+4%), equity and reserves have been increased for 34% to EUR 433 million.Capital adequacy ratio was 19.43%, return on equity after tax (ROE) – 19.09%, return on assets (ROA) – 1.99% 2015 Annual Report.
Achievements and Awards
In 2004
the international financial magazine, Global Finance, called Rietumu Bank the best bank in Latvia in the field of currency operations.
In 2009
Rietumu Bank became the winner of the prestigious Russia Wealth Management Awards 2009. The award was granted to Rietumu in the nomination, “The best bank in the CIS and Baltic States to provide private banking and capital management services for Russian clients”.
Rietumu Bank holds second place in the ratings for the most dynamically developing banks of Central Europe, as published by The Banker magazine.
The authoritative business magazine, Business New Europe, has conducted research of the operation of the ‘new Europe’ banks in 2009-10 and, according to the research results, Rietumu was named the best Latvian bank.
In 2015
The bank has released significant and up-to-date hi-tech products: an internet bank app for Apple Watch was introduced, the first time it has been made available in the region, apps for Android and Windows Phone were launched. Apps for iPhone and iPad were renewed and improved.
Rietumu Asset Management offered clients the individual investment portfolios Commodity Basket and Brands&Luxury with participation interest in the funds. An impressive increase in card service development was accomplished in cooperation with the new processing centre DECTA, offering brand new possibilities for Visa and MasterCard cards.
Rietumu Bank, uniquely among banks in the Baltics, has received PCI-DSS certification.A support programme for startups has been developed. We've started cooperation with the largest community in Latvia in the sphere of IT and startups – TechHub Riga. The bank has also become a partner of the "Silicon Valley Comes to the Baltics" forum and competition for the best startup.
The issuing of Rietumu bonds went successfully, and demand significantly exceeded supply.
The company «ВестЛизинг», one of the biggest players on Belarus market, started working under the brand name «RietumuЛизинг».
The bank became the "SPEAR'S Russia Wealth Management Awards" award winner for the fifth time.
The bank supported the major cultural events of the 2015 season in Latvia: the festivals "Rendez-vous with Laima Vaikule" and the World Jazz Festival, as well as the exhibition "Rerikh in Latvia".
The bank has become a general partner of Moscow International Biennale – one of the most influential contemporary art events.
In 2016
Riga hosted the second international contest of the Rietumu FinTech Challenge by TechHub Riga Academy. The winner is the Latvian company Nordigen. Within the framework of the cooperation of Rietumu Bank and Riga TechHub, two meetings in the "club" format were held, dedicated to the development of the "eco-system" of Latvia.
Rietumu Bank again took part in the XIII International Conference “Black Sea Grain” in Kiev, which is one of the world's largest grain forums.
The 17th international forum “Cereal Market - Yesterday, Today, Tomorrow" was held in Gelendzhik, Russia. It was attended by the leaders of this industry from more than 30 countries. Rietumu Bank was an official partner of the event. The Forum is organised by the Russian Grain Union with the support of the Ministry of Agriculture of the Russian Federation, the Committee of the State Duma and the Administration of Krasnodar Region.
With the support of Rietumu Bank, the ReputationTime Conference took place. The International European Conference was held for the first time in Paris in January 2013, and has since established itself as the most vivid platform to discuss problems and prospects in the reputation management segment. In total, within the framework of a joint project with ReputationTime, several events were held, including master classes in the premises of the Rietumu Capital Centre.
A series of events took place in Riga in the context of the work of the Trade Mission of Kazakhstan. Organisers of the event are the Kazakh National Export and Investment Agency "KAZNEX INVEST" and the City Development Committee of Riga City Council, with the support of Rietumu Bank.
Rietumu supported the national contest "Businessman 2016", held in Minsk.
Rietumu Bank was the first on the market to offer the ability to automatically and safely access data on investment portfolios in a structured form through JSON API-Rietumu Broker Link. Features include obtaining information about positions, movement of financial instruments on accounts, account statements.
Rietumu Asset Management (RAM) company released two new investment products – "Industry 4.0" and "Target Maturity Bonds”. These uniquely themed portfolios allow one to invest in future technologies and reliable bonds. The new portfolio "Industry 4.0" provides an opportunity to receive profit from the progression of mankind. It includes the promotion of innovative sectors of the world economy: biotechnologies; artificial intelligence; drones, robotics and automation; nanotechnologies; cloud technologies; cyber security; e-commerce, etc.
For large investors, wishing to securely place their funds, the individual bond portfolio Target Maturity Bonds has been developed. This is a great opportunity to ensure the steady growth of investment and at the same time ensure periodic return. The base of the Target Maturity Bonds portfolio are bonds from issuers presented in global markets, with a focus on companies in North America. The minimum investment amount is USD 500 thousand.
Rietumu Bank has expanded a spectrum of currencies for direct transfers to VISA and MasterCard cards issued by any bank worldwide. Russian roubles have been added to the list of currencies for such payments.
Rietumu Bank was the first on the market to offer the ability to automatically and safely access data on investment portfolios in a structured form through JSON API-Rietumu Broker Link.
Via IRietumu online bank, it is now possible to make transactions with stocks on major American exchanges – NYSE and NASDAQ.
The Bank has successfully completed the integration of the online payment and authorisation module with the State Regional Development Agency of the Republic of Latvia (VRAA).
Bonds of JSC "Rietumu Banka" are listed on the Riga Stock Exchange.
Rietumu has passed the planned audit of the American audit company Navigant Consulting INC.
Under the patronage of the Bank, the fifth International Conference on online business "eCom21" was successfully held.
For the sixth time, the Bank was awarded the prestigious Spear's Magazine Russia Wealth Management Awards in the category "Best Bank in CIS and Baltic States”.
Owners and Management
The shareholders of JSC Rietumu Bank are companies residents (Latvia): SIA "Esterkin Family Investments" with a share of 33.12% and SIA "Suharenko Family Investments" with a share of 17.34%; Boswell (International) Consulting Limited with 33.11%, whose sole owner is a citizen of the Republic of Ireland, Dermot Desmond.
The bank's management is provided by the shareholders, the Council and the Board.
The Council of Rietumu Bank:
Leonid Esterkin
Arkady Suharenko
Brendan Thomas Murphy
Dermot Desmond[1]
Alexander Gafin
Valentin Bluger
The Board of Directors:
Chairman of the Board, President – Alexander Pankov
First Vice President – Ruslan Stecjuk
Senior Vice President – Ilya Suharenko
Senior Vice President – Eugene Dugaev
Senior Vice President – Rolf Paul Fuls.
