"After the change of name, the bank will maintain its existing business strategy – offering services to legal entities in the first place, creating a client portfolio based on the provision of personalised services. Along with the legal entities, the bank offers customized services to private high net worth individuals," the bank said in a statement.
The main regions of AS LPB Bank’s operation are Latvia, EEA countries, Russia and other CIS countries, though that has not been without its problems. Last year the bank regulator slapped a 305,000 euro fine on the bank for failures related to money laundering regulations, as reported by LSM.
"The new name will be easier and more convenient to use in communication - both in the banking environment and by clients and cooperation partners," the bank said.
It will also avoid any inadvertent associations with macaroni.
The change of AS Latvijas pasta banka’s name to AS LPB Bank was registered in the Commercial Register of the Republic of Latvia on December 15 and LPB Bank will start its operation under the new brand as of January of 2018.
"The change of the legal name will not cause any inconvenience to the bank’s clients. These changes will not affect the bank’s legal address and details. Moreover, the LPB clients and partners do not need to revise the cooperation conditions or enter into new agreements," the bank said.