Starting from January 1, 2026, Latvian commercial banks must provide permanent in-person services to residents of cities and regions, as well as facilitate access to ATMs for cash withdrawals, writes Latvijas Avīze.
These requirements are established by amendments to the law on credit institutions, adopted by the Saeima in September 2024, and the rules of the Bank of Latvia issued in November last year.
The new regulations primarily affect the four largest banks in the country - "Swedbank", "SEB", "Citadele" and "Luminor", whose services residents use most frequently. The banks were given a year to prepare to meet the requirements, including consultations with local authorities.
Santa Purgaile, Deputy President of the Bank of Latvia, noted that until now, none of the largest banks had service points in about half of the 42 municipalities. Starting from January 1, banks must return to at least 10 cities. However, the return does not mean that branches will be open in each city five days a week for eight hours a day. The largest cities where residents could not receive services in person from any of the four banks include Kuldiga, Bauska, Madona, and Balvi.
According to the Bank of Latvia, at the end of 2013, there were 319 customer service points operating in Latvia, and by the end of 2024, only 69 will remain, which causes dissatisfaction among residents regarding the accessibility of banking services.
A representative of "Swedbank", Janis Krops, clarified that the amendments to the law require not the updating of branches, but the provision of opportunities for in-person consultations. "Since the end of August, we have already opened a consultation point in Madona, where residents are received on Fridays. From the new year, physical service points are also planned to be opened in Bauska, Limbazi, Talsi, and Kuldiga. In Valki, Aluksne, Kraslava, and Preili, consultation points will be available, where a bank employee will arrive upon prior request."
