Saules Bank - Among ten leading commercial banks of Latvia.

Having started its activities in 1993, Saules bank stands among ten leading commercial banks of Latvia since 1995 (the seventh according to the assets volume and the eighth according to capitalization as at the end of 1997).

Saules bank is a stable and multi-profiled credit institution offering its customers a wide range of services. The most of audited 1,056 th. USD profit in 1997 came from interest income and FOREX. The audited income of the previous year consisted 1,229 th. USD. The bank's assets increased by 42%, shareholders' capital – by 27,5% in 1997. Reveune on equity (ROEA) amounted to 10,2%.

Saules Bank is active on security markets. It offers its customers Latvian, Estonian, Lithuanian, Ukrainian and Russian state bonds and equities portfolios. The bank is a member of Riga Stock Exchange. The developing market of shares and consecutive privatization have determined the promising future for the named market in Latvia. At the same time, the bank operates on the developed western finanacial markets of the USA, Japan, France, Spain.

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Mr Youri Schetinin, Chairman of the Council.

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Saules Bank head office at 16 Smilshu street in Riga. The bank is the largest issuer of payments cards (EDC/MAESTRO and EC/MC) in Latvia and possesses the largest net of ATM, as at the end of 1997 – 40 ATMs.

The bank is swiftly developing its activities with international payment cards (EDC/MAESTRO and EC/MC). Being the largest issuer of payment cards in Latvia (more than 30,000 already issued), Saules Bank possesses the largest net of ATM (as planned at the end of 1998 – 50 ATMs). The card’s owner gets discounts up to 15% in more than 300 stores, restaurants and other services. The bank developed the project of salary payment using debit cards. More than 300 enterprises are already using this service.

The bank owns an insurance company Saules Laiks, offering it’s services to corporates and private individuals. Another subsidiary – Baltic Card Centre is the largest company in Latvia, servicing the payment cards to customers and a number of other Latvian commercial banks. Baltic invest – the bank’s daughter company operating on Russian security markets.