Hansapank might move to Riga

TALLINN - Following a reorganization two operation lines of Hansapank Markets will be coordinated from Riga beginning next year.

Hansapank Markets handles financial markets operations, international enterprises services and funding of export and import operations. The latter two fields will be headed by the Latvian branch, but the respective divisions themselves will still operate in Tallinn, Riga and Vilnius.

The headquarters of Hansapank Group will not move to Riga in the near future, according to Kristi Liiva, a bank spokesperson.

"This is a possible long-term scenario, but no official decision is yet made," said Liiva.

Hansapank considers Riga the geographical center of the Baltic states. "Besides, the headquarters of many international companies are there," Liiva added.

Liiva did not say if the reorganization of Hansapank Markets would change its number of employees.

With 997,000 private clients Hansapank is the biggest in the Baltics. The bank's major shareholders are Swedbank (52.64 percent) and the European Bank for Reconstruction and Development (9.71 percent).