Rietumu Banka
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | May 14, 1992 in Riga, Latvia |
| Founder | Latvian nationals |
| Headquarters | Riga , Latvia |
Area served | Latvia, Baltic region, Europe |
Key people | Jeļena Buraja (Chairperson), Ruslans Stecjuks (Deputy Chairperson), Leonids Esterkins (Supervisory Council Chairman) |
| Products | Financing, credit facilities, investment services, remote account setup and administration, cross-border payments, currency exchange, deposit products, brokerage services, payment card issuance, client management |
Rietumu Banka stands as the foremost Latvian-owned bank and ranks among the top four commercial banks within Latvia.
According to the TOP101 list compiled by investment bank Prudentia and Nasdaq Riga Stock Exchange, Rietumu Banka is recognized as the leading domestic company in the financial services sector and holds the fifth position among all privately owned Latvian enterprises.
Within the framework of the European System of Financial Supervision (ESFS), Rietumu Banka is designated as a systemically significant institution, joining the ranks of major banking entities across Europe.
The bank’s founders, who are also its current proprietors, are Latvian nationals. The principal shareholders comprise SIA ‘’Esterkin Family Investments’’ (33.12%; Leonids Esterkins), Boswell (International) Consulting Limited (33.11%; Dermot Fachtna Desmond), and Suharenko Family Investments (17.34%; Arkādijs Suharenko).
Operations and Clientele
Rietumu Banka specializes in catering to large and medium enterprises alongside high-net-worth individuals within Latvia, as well as markets across the Baltic region and Europe.
Its clientele represents a broad range of industries including renewable energy, food manufacturing, industrial production, real estate development, construction, financial services, technology sectors, and commerce.
The bank extends financing solutions for new ventures, refinancing needs, credit facilities, and investment in business growth. Over a five-year span, it has provided funding exceeding 1 billion euros, with a notable portion allocated to environmentally sustainable loans.
Liquidity management is executed through a variety of instruments while investing in international financial assets.
The suite of services offered encompasses remote account setup and administration, cross-border payments, currency exchange operations, deposit products, brokerage services, payment card issuance, and personalized client management.
All strategic decisions are centralized in Latvia. The headquarters is situated in Riga’s Rietumu Capital Centre—a premium A+++ class skyscraper honored with the Riga Architecture Award in 2010. In 2023, it achieved the Green Office certification from the World Wildlife Fund (WWF).
Leadership
The Supervisory Council of Rietumu Banka comprises Leonids Esterkins (Chairman), Arkādijs Suharenko, Dermot Fachtna Desmond (Deputy Chairmen), alongside members Charles William Larson Jr., Valentīns Bļugers, and Iļja Suharenko.
The Executive Board is headed by Jeļena Buraja (Chairperson since 2021), with Ruslans Stecjuks serving as Deputy Chairperson. Other board members include Mihails Birzgals, Vladlens Topčijans, and Sandris Straume. Prior to her current role, Buraja managed areas such as corporate finance, investments, legal affairs, and group operations. She was recognized in Forbes’ TOP 100 most successful Latvian businesswomen in 2021 and named Latvia’s leading female financial sector executive in Forbes’ 40 Under 40 list for 2023.
Financial Performance
For over three decades, Rietumu Banka has demonstrated consistent profitability and operational efficiency. In 2023, it recorded a net profit amounting to €15.9 million. The bank’s total assets reached €1.5 billion; customer deposits stood at €1 billion; outstanding loans totaled €656 million; and shareholders’ equity was €360 million.
The institution employs sophisticated risk management systems compliant with contemporary regulatory standards. Its capital adequacy ratio is robust at 25.65%, while the Liquidity Coverage Ratio (LCR) is an impressive 398.34%, well above mandated thresholds.
Profitability indicators remain strong with a pre-tax Return on Equity (ROE) of 4.58% and Return on Assets (ROA) at 1.09%. The bank’s financial statements undergo auditing by KPMG Baltics.
Sustainability
Rietumu Banka adheres to Environmental, Social, and Governance (ESG) criteria by executing a Sustainability strategy that aligns with the Bank of Latvia’s guidelines. The institution ensures compliance with both Latvian and international sustainability laws and standards.
The bank supports renewable energy initiatives through financing and integrates environmentally responsible practices in its routine activities, such as utilizing solar power and eliminating the use of hazardous substances.
Acknowledged as a "Family-Friendly Workplace," Rietumu Banka cultivates a nurturing atmosphere for its staff and their families, thereby strengthening its organizational culture.
Support for Medicine, Sports, and Culture
Rietumu Banka contributes to community welfare by backing projects in healthcare, athletics, cultural sectors, and the arts.
Via its Future Supporting Fund, the bank allocated 50,000 euros to the Angels Across Latvia initiative, which assists Latvian children in accessing medical care.
As a long-term collaborator of the Latvian Hockey Federation, Rietumu Banka supported the national ice hockey team during the 2023 World Championship, where they achieved their highest-ever finish by securing bronze. The bank also partners with the VEF Riga basketball team and promotes youth sailing events in cooperation with the Riga City Yacht Club.
Rietumu Banka acts as a sponsor of the Dailes Theatre, the largest theatre in the Baltic region, providing annual funding of 100,000 euros to facilitate major new stage productions.
The bank actively supports artistic endeavors by organizing exhibitions featuring contemporary artists within its gallery space. In spring 2023, the Art Museum Riga Bourse hosted "Reflections of the Era," showcasing works from Latvian painters included in Rietumu Banka’s art collection.
Future Supporting Fund
Established in 2007, Nākotnes Atbalsta fonds (Future Supporting Fund) is a charitable foundation created by Rietumu Banka that annually finances a wide range of social and cultural initiatives throughout Latvia. This independent foundation defines its own focus areas, reviews proposals, and distributes grants accordingly.
Its primary support sectors encompass healthcare and pediatric medicine, social programs targeting vulnerable populations, promotion of Latvian and European arts and culture, assistance for emerging talents and educational projects, youth sports development, encouragement of sustainable lifestyles, restoration of heritage buildings, and urban regeneration.
Noteworthy supported projects include Meklējam sirdsmāsu, Kilograms kultūras, Latvijas sakrālais mantojums, Eņģeļi pār Latviju, as well as the Ineses Galantes talanti competition for young musicians. The fund collaborates with institutions such as the Latvian National Museum of Art and other museums to back art acquisitions, exhibitions, and publication efforts.
Overall contributions have surpassed 10 million euros. The fund’s council is led by Arkādijs Suharenko with board members Jeļena Buraja and Elīna Suharenko.
History
Founded on May 14, 1992, in Latvia, Rietumu Banka became the country’s fifth-largest bank by assets within three years.
In 2001, it acquired full ownership of Saules Bank. Irish businessman Dermot Fachtna Desmond purchased a 33% stake in 2005. The Rietumu Capital Centre—the first business building in Latvia rated A+++—opened its doors in 2008. During the financial crisis of 2009, Rietumu was uniquely profitable among Latvian banks. In 2012, it supported Riga’s inaugural international e-commerce conference "eCom21," which attracted over 250 global experts.
In 2017, Rietumu entered Europe’s largest deposit investment platform by partnering with German fintech ZINSPILOT—the first Latvian bank to do so. That same year, Paris courts imposed an €80 million fine for tax evasion; following appeals and cooperative efforts with authorities, this penalty was reduced by 75% in 2021. Provisions were made to safeguard the bank’s financial stability.
After regulatory changes stemming from U.S. Treasury actions against ABLV Bank in 2018 and subsequent restrictions on non-resident clients in Latvia, Rietumu shifted its business focus toward clients within Latvia, the Baltic states, and OECD countries. Rolf Fuls assumed the role of Board Chairman at this time.
In 2019, Rietumu signed a cooperation agreement with ALTUM—the state-owned Development Finance Institution.
Jeļena Buraja was appointed board chairperson in 2021. The following year, the bank supported the Three Seas Initiative Summit held in Riga; Buraja also participated as a speaker at the international ACAMS forum in New York.
Throughout 2023, Rietumu extended substantial financing for Latvian enterprises: €25 million was allocated for Astor Group’s hotel project development and €48 million for Sāga shopping centre within Riga Retail Park. Buraja additionally took part in and addressed the Financial Women's Association summit in New York.
In 2024, Charles William Larson Jr., former U.S. Ambassador to Latvia and Iowa State Senator, joined Rietumu’s Council. The bank earned Platinum membership status at the British Chamber of Commerce in Latvia while continuing to finance significant corporate ventures across Latvia and the European Union—including sectors such as real estate development, manufacturing, financial services, technology innovation, and renewable energy projects.