One of the oldest banks in Latvia – AS Expobank – is celebrating its 30th anniversary. In recent years, the Bank has undergone major transformations, completely changing its business strategy and introducing a new business model and new technological solutions. The bank’s loan portfolio grew by 50% in the first half of this year, while its assets were 41.2% or EUR 25.358 million more than at the end of 2020.
“In recent years, the bank has made significant investments to implement digital solutions in its day-to-day operations, as well as to completely change the direction of its business. Starting from scratch is a big challenge for any business, which initially also affects profits. The amount of deposits attracted by the bank increased by 95.8% in the first half of this year, which shows that the chosen approach to focus on the local customer, their convenience, saving time and other resources, is the so-called the new normal,”
says Rolands Legzdiņš, Chairman of the Management Board of AS Expobank.
“Reconciling the (technological) legacy of systems with today’s requirements is a challenge for any bank – it is complicated and sometimes even impossible. To ensure business continuity and cost-effectiveness, decisions need to be made on which functions remain with the bank’s staff and which can be replaced by digital solutions. I am convinced that more and more activities will be automated in the future,”
adds R. Legzdiņš.
AS Expobank was founded in 1991 and is one of the first banks in independent Latvia. The changes implemented in early 2019 marked a new beginning in the bank’s development, which includes offering competitive lending services to corporate clients, term deposit facilities for individuals, brokerage services, as well as the introduction of innovative financial technologies.
The bank’s main activities are corporate lending, attracting term deposits from individuals and legal entities, as well as other day-to-day services. As of this year, the bank also offers a factoring service. Although a large part of the bank’s clients are from Riga, it also works actively with companies in the regions. In the future, the planned digitisation will also increase cooperation opportunities for companies from the regions. For the convenience of clients, a new website is available since July. A new state-of-the-art internet bank and several other technological solutions will soon be available.
For more information please contact
Head of PR and marketing at AS Expobank