Latvia’s banking association, Finance Latvia Association (FNA), opposes a proposed windfall tax on local banks, LETA reports. The association argued that the tax was “disproportionate, short-sighted, and nontransparent.” FNA warned that the tax would have negative long-term consequences, hampering Latvia’s growth, competitiveness, and attractiveness for private investment. The tax would oblige the financial sector to…
The Baltic commercial bank, Luminor Bank, has issued EUR 300mn worth of four-year senior preferred bonds, The Baltic Times reports. The new issue was oversubscribed with EUR 1.6bn in orders from over 130 investors, particularly in the UK. The bonds carry a coupon of 4.042%. At the same time, Luminor repurchased EUR 214.1mn of existing bonds…
Lithuania’s Deputy Minister of Economy and Innovation, Karolis Zemaitis, visited Taiwan on 3-6 September 2024, ELTA reported. During his visit, the minister met with officials at Taiwan’s Ministry of Digital Affairs and Ministry of Economic Affairs as well as with potential investors. He had meetings with representatives of several local banks and major companies in…
A court of appeal in Sweden has sentenced former Swedbank CEO Birgitte Bonnesen to 15 months in prison over money laundering at the bank’s Estonian branch, BNS reports, citing AFP. The court found that Bonnesen had provided shareholders with false information about measures taken at the branch to prevent money laundering. The appellate court overturned…
The Latvia-based commercial bank, Citadele, posted a net profit of EUR 50.9mn in the Baltic States in the first half of 2024, which was down 21% from EUR 64.5mn in the same period of 2023, bne IntelliNews reports. The bank’s operating income rose by 2% to EUR 116.1mn, with interest revenue increasing by 9% to…
Latvia’s Financial Sector Development Board (FSAP), chaired by Prime Minister Evika Silina, reviewed the country’s anti-money laundering (AML) measures during a meeting on 5 September 2024, LSM reports. The Financial Intelligence Unit (FID) reported on Latvia’s progress in relation to the Council of Europe’s evaluation of the country’s AML efforts. The meeting also addressed concerns…
The Latvian government may impose a new surplus profit tax on individual banks as of 2025, Economy Minister Viktors Valainis has announced, LSM reports. The tax could be levied for two years. Valainis argued that the tax would incentivise banks to increase their lending significantly. Banks that increased their volume of lending could then be…
The number of non-cash payments executed in Latvia totalled 395 million in the first half of 2024, which was 6% more than in the same period of 2023, according to the Bank of Latvia, LSM reports. The value of all non-cash payments totalled EUR 491.8bn, which was up by 226% over a year. The volume…
Lithuania’s Vilnius Regional Court has postponed sentencing in the criminal case against the former owners of the now liquidated Snoras bank, Vladimir Antonov and Raimondas Baranauskas, until 5 November 2024, BNS reports. The Prosecutor General’s Office asked for both to be sentenced to 10.5 years in prison. The pretrial investigation lasted over 7 years, from…