BlueOrange is ranked among the systemically important banks

At the end of last year, the Financial and Capital Markets Commission (FCMC), in accordance with the Law on Credit Institutions, named institutions that correspond to the status of “other systemically important financial institutions” in the area of finance in Latvia, adding BlueOrange to the previous list of four (in alphabetical order):

• Akciju sabiedrība “Citadele banka”
• Akciju sabiedrība “Rietumu Banka”
• AS BlueOrange Bank
• AS “SEB banka”
• “Swedbank” AS

The importance of a credit institution is assessed taking into account specific mandatory criteria and financial indicators. At the same time, systemically important financial institutions are also required to comply with certain norms.

“We are pleased that BlueOrange has reached a significant level in its growth through its targeted work and investment in the Latvian financial market, ranking among other systemically important banks in the country,” notes CEO Dmitrijs Latiševs. “At the same time, we are clearly aware that it also implies additional requirements, introduction of stricter norms and criteria, which is a necessary factor for the future growth of the bank.”

Given the negative impact of the Covid-19 pandemic on the national economy and the increased uncertainty regarding the epidemiological and economic development, compliance with the new requirements and norms will be mandatory from January 1, 2023.