Estonia's Krediidipank pulls out of Latvia

Estonia's Krediidipank announced on March 31 that it will close its Latvian branch, reported ERR

The Latvian business no longer fits the company’s strategy as the bank has new owners and would, in the future, form a new bank with retailer Coop and concentrate on the Estonian market, ERR reported CEO Margus Rink as saying.

Krediidipank’s Latvian branch will continue its operations until June 14, but won’t accept any new customers and assets. All its Latvian clients will get their assets paid out. 

The bank has about 1,200 clients in Latvia, who have to move to another bank by end of May. Its 17 employees will see their contracts terminated by 2018.

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