The greatest value of banks is their clients. If the bank clients feel stable, they grow and develop, and use various financial services, also the bank grows. If clients feel instability, insecurity, they are worried about the future, if their development is affected by internal and external risks, there are no investments and growth planed, banks cannot hope for serious development.

In general, banks in Latvia continued moderate growth in accordance with the general development of the economics, even though the geopolitical, financial and legislative events in Latvia and abroad presented enough challenges.

The growth in the internal market of Latvia is limited by the size of the economy; thus, banks, which are providing the export of financial services, are gaining more important role in the development of the financial service industry. Such credit companies, which are providing services to foreign clients, have shown faster growth and higher return on equity.

President of The Association of Latvian Commercial Banks Mārtiņš Bičevskis

Photo: LETA