History
Rietumu Banka was founded on May 14, 1992, in Latvia. By 1995, it became the fifth-largest bank in Latvia by asset volume.[24]
In 2001, Rietumu Banka acquired 100% of Saules Bank's shares. In 2005, 33% of Rietumu Banka's shares were purchased by Irish entrepreneur Dermot Fachtna Desmond.[25] The bank's new central office, Rietumu Capital Centre, opened in 2008, being the first A+++ class business building in Latvia.[26] In 2009, Rietumu Banka was the only Latvian bank operating profitably during the financial crisis.[27] In 2012, with the bank's support, Riga hosted the first international e-commerce conference "eCom21," attracting over 250 industry professionals worldwide.[28]
In 2017, Rietumu Banka partnered with the leading German deposit placement platform ZINSPILOT, entering Europe's largest deposit investment market. Rietumu Banka was the first bank in Latvia to initiate such a project in the field of financial technology.[29]
On July 6, 2017, the Paris Court of First Instance imposed a fine of 80 million euros on Rietumu Banka in a case against the French company France Offshore for tax evasion. The bank cooperated with French judicial institutions throughout the investigation, which commenced in France in 2011 to look into developments that had taken place before that, and the legal proceedings. In 2021, the Paris Appeals Court reduced the potential fine by 75%, a development dubbed a "bank victory" by international media.[30] The bank had preliminary made sufficient provisions for possible fine payment, therefore any outcome of abovementioned case will not affect the future activities nor the stability of the Bank. The judgment of the Paris Court of Appeals will be examined in accordance with Latvian legislation after the French competent authority addresses the Latvian Ministry of Justice and submits the materials for the Latvian court's decision.
In spring 2018, the Latvian financial sector experienced significant instability due to accusations by the U.S. Department of the Treasury against ABLV Bank for money laundering. Latvia's financial market supervisory authorities and legislators made decisions that significantly restricted the collaboration of all banks with non-residents, especially high-risk clients. In this situation, Rietumu Banka independently decided to change its business model and focus on serving clients in Latvia, as well as other Baltic and OECD countries.[31][32] Rolf Fuls, one of the top managers of the bank in the previous 20 years, was appointed as the Chairman of the Board of Rietumu Banka.[33][34]
In 2019, the bank entered into a cooperation agreement with the state-owned Development Finance Institution ALTUM.[35]
In 2021, Jeļena Buraja was appointed as the chairman of the bank's board.
In 2022, Rietumu Banka supported the Three Seas Initiative Summit in Riga.[36] Jeļena Buraja spoke at the international ACAMS forum in New York (USA).[37]
In 2023, the bank provided significant loans for the growth of Latvian businesses, including a 25 million euro loan for the development of Astor Group's hotel property business and a 48 million euro loan to Riga Retail Park, the owner of the shopping centre Sāga. Jeļena Buraja spoke at the Financial Women's Association (FWA) summit in New York and became a member of FWA.[38]
In 2024, Charles William Larson Jr., former U.S. Ambassador to Latvia, Iowa Senate member, and U.S. Army lieutenant colonel, was appointed to the Council of Rietumu Banka. He has received prestigious awards from both the U.S. and Latvia.
That same year, the bank became a Platinum member of the British Chamber of Commerce in Latvia. Rietumu Banka continued to focus on financing large corporate projects in Latvia and the EU, including real estate, production, financial services, technology, and green energy, particularly in renewable energy initiatives.[39]
