OREANDA-NEWS.  July 02, 2012. The process organized by the government for selling the commercial arm of the state-owned Latvijas Hipoteku un Zemes Banka (Latvian Mortgage and Land Bank) has come to an end. Swedbank’s bid has been recognized as the best in three – retail portfolio, corporate portfolio, leasing portfolio – lots out of the total of six, reported the press-centre of Swedbank.

Maris Mancinskis, CEO of Swedbank in Latvia: “This reaffirms Swedbank’s long-term commitment to Latvia. For our existing and prospective customers, being part of one of Europe’s strongest financial groups gives extra peace of mind at times when the situation on global financial markets is shaky. For our new customers, we will offer the advantages available with the leader of the banking sector – convenient daily banking services, safety of savings, and responsible lending.”

Swedbank will acquire the assets of the commercial arm of Hipoteku Banka – retail and corporate banking business and the leasing company Hipolizings. Development program customers of Hipoteku Banka will continue to be served at Hipoteku Banka.

M.Mancinskis: “Customers get a reliable long-term partner with a good reputation – Swedbank has the highest reputation in Latvia’s banking industry and, as studies show, our clients have the highest satisfaction among Latvian banks.”

This will not entail any immediate changes for the customers of Hipoteku Banka in their day-to-day banking – the transition will be gradual and will be finalized by the end of the year. Customers will be informed about the necessary steps in due course during the transition.

Swedbank will serve customers through its existing branch network and electronic channels. Purchasing the branch network of Hipoteku Banka is not planned and it will remain a part of the bank’s existing infrastructure.