Chairman of the Management Board of AS Expobank Rolands Legzdiņš

According to data of the Finance Latvia Association, banking capital is continuously growing and has reached the highest value since 2018. At the same time, the number of banks in Latvia has decreased in the recent years. At present, 13 banks are operating in Latvia, yet this number will go down in future, as a number of banks will either merge or undergo reorganisation. This is natural, since the domestic market is small and divided. A similar trend is in the European Union overall, with the number of banks having decreased after the financial crisis of 2008[1]. In turn, after 2018, the number of banks has dropped from 6088 to 6008.