Awards for Excellence 2008: Latvia
Best bank: DnB Nord Banka
Best M&A house: SEB Enskilda
DnB Nord Banka maintained its strong record in Latvia in 2007 – growing at almost twice the market average – with assets up by 37% over the year and the bank’s deposits increasing by 11%. The bank’s profitability has been remarkable: profit increased by 95% last year and shareholders have enjoyed a compound five-year growth rate in total equity of 44.16%.
At the same time, the bank has been careful to take Latvia’s overheating economy into account and has tightened its lending policy and limited lending growth to the market average – it grew 39% last year. Despite an expected further tightening of its lending policy in 2008, it projects a 22% increase in loans. Moreover, by investing in IT and product development, DnB Nord Banka expects to open up new opportunities in both retail and business banking.