Latvijas Krājbanka
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1924 |
| Defunct | 2012 |
| Headquarters | Riga , Latvia |
Area served | Latvia |
Key people | Raimondas Baranauskas (Chairman), Ivars Priedītis (CEO) |
| Products | Banking products and services |
| Owner | Bank Snoras (53.2%), Vladimir Antonov (31.96%) |
Number of employees | 941 (2009) |
Latvijas Krājbanka (Latvian Savings Bank) was a financial institution in Latvia, publicly traded on the Riga OMX exchange (,). Established in 1924 and with its main office situated in Riga, it managed a network of 155 service points throughout Latvia.
The bank's leadership featured Chairman Raimondas Baranauskas and CEO Ivars Priedītis. Concentrating on the Latvian domestic market, it provided diverse banking products and services. In 2009, Latvijas Krājbanka recorded revenues amounting to LVL 34.6 million but suffered a net loss of LVL 1.9 million. The company employed 941 individuals during that period.
Majority ownership was held by Bank Snoras with 53.2% and Vladimir Antonov controlling 31.96%. The institution’s strategy was focused on retail and corporate banking within Latvia, utilizing its broad branch infrastructure to sustain its market position.
Overview
Originally founded in 1924 as the Latvian postal savings bank, Latvijas Krājbanka was incorporated into the Savings Bank of the USSR during the era of the Latvian SSR. Following Latvia’s restoration of independence, the bank was re-established under its original name. The privatisation process started in 1997 and concluded in 2003, with principal shareholders including Lithuania’s Snoras banking group and Russian entrepreneur Vladimir Antonov.
In the challenging economic environment of 2009, which impacted multiple sectors in Latvia, Latvijas Krājbanka posted revenues of 34.6 million Latvian lats alongside a net loss of 1.9 million lats. The bank maintained a workforce of 941 employees and operated 155 customer service locations nationwide. That year also marked Ivars Priedītis’s appointment as Chairman of the Board.
The economic upturn in 2010 enhanced the performance of the banking sector, enabling Latvijas Krājbanka to sustain its operations and contribute to cultural projects. Nevertheless, after Snoras declared bankruptcy in November 2011, the Latvian government intervened by assuming control and subsequently liquidating the bank. Its banking license was officially withdrawn in May 2012.
Vladimir Antonov was charged with fraud involving US$290 million; in August 2012, he received a six-year prison sentence, while board member Ivars Priedītis was sentenced to five years. Their assets were confiscated by authorities. Prior to the conclusion of guaranteed compensation schemes, approximately EUR 6.1 million remained unclaimed in client accounts.