RIGA – The number of banks for the local market is too big, said Finance and Capital Market Commission’s (FKTK) chairman Peters Putnins in an interview with the Latvian public television.
“It is clear that the number of banks in Latvia is too big for the local market,” he said, adding that at the same time, it cannot be said how many banks are needed in Latvia because the banks are not working with local customers only.
He said that the banks can survive only by finding their niche, especially those who basically served non-resident customers.
Asked about the possible changes in the banking sector, he said that it is not possible to make any forecasts.
At present there are 20 banks in Latvia, including six branches of foreign banks.