The European Central Bank has withdrawn the banking licence of Baltic International Bank SE

  • 2023-03-13
  • Latvijas Banka

On 10 March 2023, the European Central Bank (ECB) has taken a decision to withdraw the banking licence of Baltic International Bank SE, a less significant institution directly supervised by Latvijas Banka. The decision took effect on 11 March 2023. 

The ECB decision has been made on a proposal from the Financial and Capital Market Commission (FCMC). Please note that as of 1 January 2023, the FCMC has been integrated into Latvijas Banka, and, pursuant to Paragraph 4 of the transitional provisions of the Law on Latvijas Banka, Latvijas Banka is the successor of the rights and liabilities of the FCMC.

To ensure the stability of Latvia's financial sector and protect the interests of the bank's customers the FCMC Board, during its extraordinary meeting of 12 December 2022, decided to suspend the provision of financial services at Baltic International Bank SE. 

Following the entry into force of the ECB’s decision, Latvijas Banka will draw up and submit to the court an application on the opening of winding-up proceedings and the appointment of a liquidator.