Likely new head of Latvian financial watchdog revealed

The open competition to find a new chief for Latvia's financial regulator - a crucial position giving the ongoing campaign to restore the credibility of the scandal-wracked sector - has concluded, with the winning candidate named.

That person is Santa Purgaile, who is in line to take over the hotseat at the Financial and Capital Markets Commission (FKTK), subject to approval first by the cabinet and ultimately by Saeima. 

Purgaile, has been working for JSC Citadele banka since 2012, initially as Business Development Director and later, from 2017, as Corporate Customer Services Director. During these seven years Purgaile was also a member of the Management Board of JSC Citadele banka.

Since 2017, the potential chairman of the FCMC Council has also been the co-chair of the Finance Latvia Association's Lending Committee. Previously, Purgaile was employed by AS SEB banka, where she was Head of Private Banking in Latvia and the Baltic States from 2009 to 2012, and before that she was Head of the Small and Medium Business Service Department. 

Santa Purgaile holds a Master's degree in International Economics and Business and is fluent in English and Russian as well as Latvian.

In a statement issued by the State Chancellery, Purgaile quoted her motivation for applying to become chairman of FKTK: ““As a patriot of this country, I believe that my mission is to contribute to a consistent, balanced increase in the national economy, a sustainable society and a healthy, secure and trusting environment for every citizen and every honest entrepreneur, investor and organization. With my nearly 25 years of experience in the financial sector, I want to contribute to the development of the Latvian financial and capital market, as well as to regain the international reputation of the Latvian financial sector.”

At a midday press conference she said she wanted to work with a skilled and professional team to ensure Latvia could provide a stable banking environment and would work closely with law enforcement to prevent financial crime.

She beat 24 other candidates who had applied for the job.

As previously reported by LSM, previous FKTK chief Peters Putnins quit in July after being offered a generous financial inducement to do so. He had been in the job since 2016.

 

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