PNB Banka (previously Norvik Banka) was one of the oldest commercial banks in Latvia. The bank was established on 29 April 1992 and the majority of the firm was owned by Russian businessman Grigory Guselnikov.[2]
History
The bank had a network of branches and sales points in Latvia, however was not able to follow prudential requirements and was recognized as a "bank likely to fail" by ECB on 15 August 2019. Latvian Regulator took sufficient actions and stopped all the transactions, in order to prevent fund flow outside the bank. PNB Banka was the 6th largest bank in Latvia by assets.[3] The bank provided an array of various banking services to a wide range of customers from natural persons to international industrial enterprises.
In October 2014 the bank's shareholders invested in Norvik Banka's equity capital 69.638 million euros.[4] On 16 October 2014 it was announced that Norvik Banka bought 97.75% stake in Russia's Vyatka Bank. The deal was approved by both the Financial and Capital Market Commission of Latvia and the Central Bank of Russia. Vyatka Bank is a universal regional commercial bank with representative offices in four Russian regions.