Rietumu Banka AS

Beginning of cooperation Last contact Last update
January, 1997 January, 2018 June, 2015

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

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions 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 5 000 (or equivalent) for companies residing in countries of the European Union, CIS, OECD, as well as China, Hong Kong, Andorra, Georgia, Liechtenstein, Isle of Man, Macedonia, Serbia, Singapore and Montenegro; and a minimum balance of EUR 10 000 (or equivalent) for companies residing in other countries. The bank reserves the right to charge a penalty of EUR 2 to 4 per day for not observing the minimum balance requirements. No minimum balance is required where the customer uses the following products of the bank: - subordinated loans; - preference stocks; - credits (except for card ones)
    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 0 120 2 500 250
    Outcoming transfer, € For EUR: standard – EUR 15 (within the EEA) and EUR 30 (outside the EEA); express – EUR 30 (within the EEA) and EUR 50 (outside the EEA). For USD: standard – EUR 60 (OUR) – Tariff Plan А, EUR 120 (OUR) – Tariff Plan B; EUR 40 (SHA/BEN) – Tariff Plan А, EUR 80 (SHA/BEN) – Tariff Plan B. Express – EUR 85 (OUR) – Tariff Plan А, 170 EUR (OUR) – Tariff Plan B; 60 EUR (SHA/BEN) – Tariff Plan А, 120 EUR (SHA/BEN) – Tariff Plan B. For RUB: economy – EUR 10; standard – EUR 20. Intrabank transfers between accounts of one customer – free of charge (via Internet banking and by phone); intrabank transfers between customers – EUR 2 (for EUR) and EUR 5 (other currencies)
    Incoming transfer, € There is no fee on incoming transfers
    Account maintenance, €/year Account maintenance fee is EUR 20 per month for companies residing in countries of the European Union, CIS, OECD, as well as China, Hong Kong, Andorra, Georgia, Liechtenstein, Isle of Man, Macedonia, Serbia, Singapore and Montenegro (Plan A); and EUR 40 per month for companies residing in other countries (Tariff Plan B); for individuals – free of charge. Account opening fee is EUR 250 (Tariff Plan А) (EUR 150 – at the Branch in Riga) and EUR 450 (Tariff Plan B). Account maintenance fee for inactive account (if the average balance of all accounts for the last 3 months is less than EUR 50 000 and the average monthly number of outgoing payments is less than 3) – EUR 50 per month for corporate customers and EUR 20 per month for individuals. Additional fee for opening an account in 24 hours upon receipt of a full set of documents in Riga – EUR 250 (for corporate customers) and EUR 100 (for individuals)
    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
    7 5 Not necessary Sketchy 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
    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