AS “PrivatBank” reorients its operations, from next year focusing only on lending and attracting deposits

Within the framework of implementing the new strategy of development, AS “PrivatBank” will make changes in the range of services offered as from 1 January next year.

In accordance with the new development strategy, the bank will continue to provide lending and deposit services to customers, while from 1 February 2021 the operation of payment cards issued by the bank and other daily services will be discontinued.

“The financial services market in Latvia is very saturated – if we compare the number of credit institutions per capita, in Latvia it is relatively high. Therefore, in order to ensure sustainable development, the bank needs to find its service niche where it can be competitive. We see that lending services have always been our strength, so we plan to further develop them, improving the supply in the local market. In terms of attracting deposits, we see potential in servicing not only local customers, but also customers from the European Union countries, where capital accumulation has historically taken place on a much larger scale,” noted Matīss Krištobans, the Member of the Board of the bank.

From 1 October 2020, the bank will initiate new business relations with those customers who intend to use the bank’s deposit and lending services.

“The operation of payment cards issued by the bank will be ensured until 31 January 2021. We invite customers to follow the information provided by the bank and to open an account with another credit institution or payment institution in due time to receive daily services. In order for the bank to be able to provide lending and deposit services, customers who use these services will still have access to current account servicing and making payments via internet bank,” explains Inga Rumba, Acting Chairwoman of the Board of AS “PrivatBank”.

AS “PrivatBank” calls on customers to pay special attention, if the customers receive payments from state authorities, such as SSIA benefits or pension, to their account with the bank. In order to ensure uninterrupted receipt of such payments, the bank asks the customers to provide their account with another credit institution or payment institution to the relevant state authority in due time.

We invite customers to carefully read the information about the planned changes in the provided services: