LPB (bank)

LPB Bank (previously Latvijas Pasta Banka) is a Latvian bank. It has stated that its focus is providing e-commerce acting as a payment service provider, fintech, business finance and brokerage services.[1][2] The bank has a large proportion of non-Latvian clients.[3]

LPB Bank
TypeJoint Stock Company
IndustryFinancial services
FoundedSeptember 5, 2008 (September 5, 2008)
Headquarters
Riga
,
Latvia
ServicesBanking, payment service provider
OwnerMono
Websitewww.lpb.lv/en

The bank is a member of the Finance Latvia Association, which representing the Latvian financial sector on a national and international level.[4]

History

Foundation

It was founded on 5 September 2008 and changed its name to LPB Bank on 15 December 2017.[5] It is joint stock company 100% owned by holding company Mono.[2]

The bank head office building was initially intended for the needs of the “Aeroflot” central agency and was built between 1984 and 1991.[6]

Modris Ģelzis, one of the trailblazers in contemporary Latvian architecture, created each façade radically differently. initially, the dominant of the building's centerpiece was a Rubik's cube, counterbalanced by a traditional building element – a nearby wind vane.[7]

Investigations and fines

It was named in the investigation into the 2014 Moldovan bank fraud scandal, together with ABLV Bank and PrivatBank[8] It was fined 305,000 Euros for its part in this.[9][10]

In 2018, it was fined 2.2 million Euros by Latvia's Financial and Capital Market Commission (FKTK), 10% of its turnover, for "continuous non-compliance" with anti-money laundering and counter-terrorist financing legislation. The FCMC said, amongst other issues, that "the Bank failed to give sufficient weight to the unusually large, complex, inter-related transactions that have no apparent economic or visible lawful purpose".[11]

New direction

In 2018, the bank submitted to the FCMC a new strategy of the operation foresees the focus of the provision of FinTech services, e-commerce, the banks reorientation from the CIS countries to the European Economic Area (EEA), OECD.[12]

References
  1. "JSC LPB Bank". Holdinga Kompanija Mono. n.d. Retrieved 16 July 2021.
  2. "LPB Bank Public Financial Statement First Quarter 2021" (PDF). 2021.
  3. Mike Collier (12 March 2018). "A guide to the rest of Latvia's non-resident banks". lsm.lv.
  4. "Home". Finance Latvia. Retrieved 2023-02-10.
  5. "JSC "LPB Bank" Public quarterly financial statements" (PDF). LPB Bank. 31 December 2017.
  6. Kultūra, Delfi (2014-09-25). "'Aeroflot' filiāle Rīgā". delfi.lv (in Latvian). Retrieved 2023-02-10.
  7. "Modris Ģelzis". enciklopedija.lv. Retrieved 2023-02-10.
  8. "How a Latvian laundered billion USD changed Moldova". Re:Baltica. 1 February 2016.
  9. Mike Collier (12 March 2018). "A guide to the rest of Latvia's non-resident banks". lsm.lv.
  10. "Latvia named in billion-dollar Moldova scam investigation". lsm.lv. 11 May 2015.
  11. "FCMC applies 2.2 million euro fine to JSC LPB Bank and issues warning to Board member". The Baltic Times. 23 October 2018.
  12. "LPB Bank iesniegusi FKTK pārstrādātu bankas darbības stratēģiju". Dienas Bizness (in Latvian). Retrieved 2023-02-10.


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