Rietumu banka chairman quits

Rietumu banka has announced the departure of its chairman six weeks after the bank was hit with a record fine by regulators.

"This is to inform that Chairman of the Board of Rietumu Bank Rolf Fuls starting 2 August steps down from his position in the bank to be concentrating on the projects outside the bank," said a release from the bank on July 30.

“I have decided to retire from my position in Rietumu. Many years of my professional life have been connected with the bank since I started working here in 1997 as CFO and have been in the bank management team excluding several years I prioritized to my own business. It is time for me to get focused on my personal plans and projects again," Fuls was quoted as saying.

Starting 2 August Deputy Chairman of the Board Ruslan Stecyuk will temporarily take up the duties of the Chairman of the Board, the bank added, pending approval of a new chairman by the Regulator, the Financial and Capital Market Commission (FKTK). The new nominee for the Chairman of the Board was not named in the bank statement. 

According to Rietumu's most recent financial statement, Fuls was appointed in September 2019 and his term had been due to expire in September 2022.

In the first three months of this year, the bank made EUR 5.6 million in net profit and the Group's profit reached EUR 8.5 million. Assets has increased by 7% compared to 31 December 2020 and reached EUR 1.6 billion, while customer deposits increased by 10% to EUR 1.2 billion.

That profit would have been almost completely eaten up by the application of the FKTK fine in June. 

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