Who we are
The Association of Latvian Commercial Banks is a public organization that represents the Latvian banking sector and participants of the financial market on a national and international level. Members include banks registered in Latvia, branches of foreign banks, and other participants of the financial market.
What we do
The objective of the Association is to purposefully improve the environment of business and financial services in Latvia in cooperation with partners from State institutions, the non-governmental sector and other sectors, as well as to improve the international reputation of the Latvian financial sector and its competitiveness on an international level.
The Association represents the interests of the financial sector in institutions of different levels in Latvia and internationally, and also coordinates the addressing of topical issues on the agenda of the entire sector. The organization also provides its clients with consultations. Whereas the Ombudsman of the Association helps to discover and resolve possible disagreements among the Latvian banks and clients.
Current strategic priorities of the Association are as follows:
- financial service development
- strengthening of the compliance function.
Significant lines of action are also the improvement of the financial literacy of Latvian people, as well as improving the qualification of banking sector professionals. The Association also summarizes data of the financial sector and analyzes trends.
Committees of expert members ensure that the Association’s objectives in priority areas are reached. The aim of the committees is to promote the strategic development of the sector and to implement specific measures.
Representation of the Association in organizations
The Association was established on July 23, 1992. It is one of the oldest and most experienced business organizations in Latvia.