Rietumu Banka AS

Beginning of cooperation Last contact Last update
January, 1997 July, 2018 May, 2018

GSL reference about the bank

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For some time now it has been fair enough by all major parameters to call Rietumu Banka a number one bank among all commercial Baltic banks. This is a result of many years of selective and careful policy of attracting and servicing clients. It is true that there was a time when the bankers adopted too stringent a procedure for account opening or unreasonably demanding requirements for business description etc. But this was due to the bank’s having to comply with requirements of European and US financial institutions, which eventually did the bank nothing but good.
Paradoxically, but unquestionably: a country with not the most stable financial situation has a reliable working bank

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    2 188 6 N/R
    Year of foundation 1992
    History The bank was founded on 14 May 1992. By the end of 1995, it had become the fifth largest bank in Latvia in terms of the size of assets. It was also then that the first two branches opened to public – one in the Old Town of Riga, and the other – in the area of Riga’s seaport. In the same year the bank started to develop a chain of regional information centres in the largest cities of both the CIS and the Baltic States. In 2010, Alexander Gafin, one of the Russia’s most famous public relations and finance marketing specialists, joined the bank’s Council. Alexander Kalinovski, the former President and Chairman of the Board, moved to the bank’s Council; whilst Alexander Pankov, previously First Vice-president and Deputy Chairman of the Board, was appointed as the President and the Chairman of the Board
    Personnel Over 600 staff, 17 of whom work in the Moscow representative office. The languages they speak include Russian, English, French, Latvian, German, and Spanish
    Bank’s shareholders In 2010 a 5% stake in Rietumu was acquired by Balram Chairai, one of the wealthiest Hong Kong businessmen. 33,11% belongs to Boswell (International) Consulting Limited, the beneficial owner of which is Dermot Desmond (Ireland). 33,12% is owned by Leonid Esterkin, 17,34% - by Arkady Suharenko and others
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    10 000 0 No restrictions
    Transactions permitted per month Since the bank holds itself out as universal (commercial included), there are no restrictions as to the number of transactions
    Initial deposit of funds, € The bank requires a minimum balance of EUR 10 000
    How fast payments are executed For EUR: standard (same day) – before 12.00; express (within an hour) – before 17.00. For USD: standard (same day) – before 15.00; express (within an hour) – before 18.30. For RUB: economy (next day) – before 18.30; standard (same day) – before 14.00. Latvian time (GMT +2)

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    30 0 240 2 500 250
    Outcoming transfer, € Для EUR: стандартный - 15 EUR (в пределах ЕЭЗ) и 30 EUR (за пределы ЕЭЗ). Экспресс - 30 EUR (в пределах ЕЭЗ) и 50 EUR (за пределы ЕЭЗ). Для USD: стандартный для компании резидента стран (кроме Латвии), нормативные акты которых обязывают компанию подавать финансовую отчётность в местные фискальные органы: стандартный - 60 EUR (OUR), 40 EUR (SHA/BEN). Для компании резидента стран (кроме Латвии), нормативные акты которых НЕ обязывают компанию подавать финансовую отчётность в местные фискальные органы - 120 EUR (OUR), 80 EUR (SHA/BEN). Экспресс - для компании резидента стран (кроме Латвии), нормативные акты которых обязывают компанию подавать финансовую отчётность в местные фискальные органы - 85 EUR (OUR), 60 EUR (SHA/BEN). Для компании резидента стран (кроме Латвии), нормативные акты которых НЕ обязывают компанию подавать финансовую отчётность в местные фискальные органы - 170 EUR (OUR), 120 EUR (SHA/BEN). Для RUB: экономичный - 10 EUR; стандартный - 20 EUR. Внутрибанковский перевод между счетами одного клиента - бесплатно (Интернет-банкинг и телефон); между клиентами Банка - 2 EUR (для EUR) и 5 EUR (для других валют)
    Incoming transfer, € There is no fee on incoming transfers
    Account maintenance, €/year Плата за открытие мультивалютного счета составляет 500 EUR для компаний и 150 EUR для частных лиц. Дополнительная комиссия за открытие счёта при оформлении документов без личного присутствия клиента в Банке - 100 EUR. Дополнительная комиссия за срочное открытие счета (в течение 72 часов с момента подачи полного комплекта документов) - 250 EUR. Закрытие сультивалютного счета - 100 EUR. Плата за обслуживание счета резидента стран (кроме Латвии), нормативные акты которых обязывают компанию подавать финансовую отчётность в местные фискальные органы составляет 20 EUR в месяц. Плата за обслуживание счета резидента стран, нормативные акты которых НЕ обязывают компанию подавать финансовую отчётность в местные фискальные органы составляет 70 EUR в месяц. Обслуживание малоактивного или неактивного клиента - 200 EUR в месяц.
    Payment limit for credit cards, €/day Business: USD 3 000 / EUR 2 500; Gold and Platinum: USD 4 000 / EUR 3 000; World Elite: USD 6 000 / EUR 4 500
    Funds to be blocked for CC issue, € BUSINESS: USD 300 / EUR 250; GOLD: USD 600 / EUR 450; PLATINUM: USD 1 000 / EUR 750; Elite: USD 35 000 / EUR 30 000
    Distant access to the account Free-of-charge Internet banking which allows to fully operate the account via Internet
    Financial products Payment cards, e-commerce (merchant accounts), escrow, brokerage, loans, deposits, safe-deposit boxes, asset management etc
    Credit/debit cards MasterCard:Business, Gold, Platinum, World Elite. Visa: Business, Gold, Platinum

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    60 60 Not necessary Detailed Current
    Visit to the bank Not required (as the bank has a representative office in Moscow). An interview can be held at GSL’s office
    Required Photocopies of aspotilled constitutive documents of the company, photocopy of the passport of director/attorney/beneficiary, business description, completed application
    Types of accounts Personal; Corporate; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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