All the banks working in Latvia have proven their desire to continue working in the country’s financial sector, says manager of Finance and Capital Market Commission’s Communication Department Ieva Upleja.
“So far all banks have confirmed their desire to continue working in Latvia’s financial sector,” said Upleja.
As for the banks’ business plans, FCMC representative says – every bank supposed to review their business plans has its own approach, objectives and specific dialogue to maintain with the regulator. Because of that, terms differ from bank to bank.
“Homework is different for each bank,” added Upleja, saying that for some banks home work was limited to slight corrections to their business strategy, and for others – rejection of entire client segments or reduction of a significant portion of their business.
“Work is being performed for all of those variants. Still, every bank has its own schedule,” said Upleja.
FCMC representative also said that ideas voiced by banks were sustainable.
“They have their visions for the future; their ideas are sustainable. This is partially reflected in reports from sworn notaries for 2017,” said Upleja.
She also mentioned that this was a decision made by shareholders – there was still a possibility of getting investment returns from relatively smaller revenue.
“We have no indications of anyone saying they see no opportunities, because so far revenue and return indexes in Latvia have been some of the highest in Eurozone,” said Upleja.
She added that reduction of business sizes would definitely get reflected in personnel management of different banks.
Previously FCMC manager Peters Putnins mentioned that Latvian banks that focused on servicing non-residents should review their strategies, form different business models and search for new business niches. (BNN/Business World Magazine)
