FCMC: Establishing Swedbank’s holding company indicates attractiveness of Latvia’s financial sector

01.02.2021
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The Financial and Capital Market Commission (FCMC) welcomes the decision by Swedbank Group to establish a holding company in Latvia and considers that this gives evidence of the consistency, attractiveness and growth potential of Latvia's financial sector.

FCMC Chairwoman Santa Purgaile points out: “This decision is highly relevant for Latvia, as it indicates that the enormous effort invested in streamlining Latvia’s financial sector has resulted in regaining international confidence and re-established reputation. With active involvement of the financial sector and various institutions, we have been able to establish a financial environment in Latvia with clear operational conditions, high quality requirements and opportunities for business development.”

Swedbank’s holding company will be registered in Latvia and will combine all Swedbank subsidiaries in the Baltic. With this step Swedbank will formalise the existing operational model and provide more powers for the management at the Latvian and Baltic levels.

In the opinion of the FCMC, such Swedbank Group’s decision confirms the high standards of corporate governance and internal processes of Swedbank Latvia, and the change of governance model will provide an opportunity to closely cooperate at the level of the three Baltic States, aligning the understanding and quality standards based on good practice among Swedbank’s Baltic subsidiaries.

The establishing of a holding company will enhance the management of Swedbank’s Baltic subsidiaries and have a positive impact on the interaction and environmental development of the Baltic financial sector.

These changes will not result in a direct impact on Swedbank’s customers.

 

Further information:
Dace Jansone
Head of Communications and Financial Literacy Division
Financial and Capital Market Commission
Phone: +371 67774808
E-mail: dace.jansone@fktk.lv

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