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History

The AS Latvijas Universālā banka was founded on September 28, 1993, uniting the sections which were not privatized in the reorganization of the Bank of Latvia - a total of 21 separate sections of various banks. In the succeeding years Latvijas Unibanka has become the leading commercial bank with a wide range of clients in Latvia and stable cooperating partners abroad.

The development of Latvijas Unibanka proceeded very successfully and rapidly due to its cautiously conservative approach to financial risk taking. When Latvijas Unibanka was founded, it set as its strategic goal to become the largest bank in Latvia by the year 2000, however this goal was already achieved in the second year of the Bank's operations.

  • In July, 1994, Latvijas Unibanka was placed under the management of the Privatization Agency.
  • In October, 1995, Latvijas Unibanka was incorporated as a private stock company, with half of the shares belonging to private investors and the other half to the State.
  • Beginning with January, 1996, the Latvijas Unibanka shares were listed officially in the Riga Stock Exchange (Rīgas Fondu birža). In the same year the shares of the bank were acquired by the European Reconstruction and Development Bank and by Swedfund International AB.
  • The experts at the authoritative financial publication Central European named Latvijas Unibanka the best local bank in 1996.
  • In 1997 Latvijas Unibanka issued eurobonds worth 30 million USD. Many European and Asian banks as well as mutual funds purchased all of the emitted bonds.
  • Another significant milestone for Latvijas Unibanka was reached in December, 1997 when the Bank's stock was listed on the leading European stock market - the London Stock Exchange, and when the Latvijas Unibanka shares, owned by the Privatization Agency, were successfully distributed within the framework of the international money market Global Depository Receipt (GDR).
  • The Latvijas Unibanka GDRs are the first securities of any Latvian enterprise distributed in the international money markets, and Latvijas Unibanka is the first entity in Latvia and all of the Baltic States, whose shares - GDRs are listed on the London Stock Exchange. Quotes within the "SEAQ International"and PORTAL systems presently take place in the London and Berlin securities exchanges.
  • The negative influence of the 1998 financial crisis in Russia forced also Latvijas Unibanka to reevaluate the situation in order to preserve its defined strategic goals - to be the leading bank in Latvia and the Baltic region. To achieve this goal Latvijas Unibanka elected to cooperate with the Skandinaviska Enskilda Banken (SEB), whose strategic plans called for major investments in the banks of Latvia and the other Baltic States.
  • On January 5, 1999 the material consolidation of SEBs Latvijas Unibanka stock holdings provided a strong foundation for the further growth of Latvijas Unibanka, increased the interest in Latvijas Unibanka services among the tier of northern countries and contributed to the development of the Latvian financial system. On February 26, 2001, the decision was made to delist the shares on the Riga Stock Exchange.
  • On April 2005 Latvijas Unibanka had been rebranded to SEB Unibanka.
  • From 7 April 2008, the bank operates under the name SEB banka, and its subsidiaries are SEB Investment Management, SEB Dzīvības apdrošināšana, SEB līzings and SEB atvērtais pensiju fonds.
  • On January 2011 SEB group in Latvia represents: AS "SEB banka", SIA "SEB līzings", IP AS "SEB Investment Management", AS "SEB atklātais pensiju fonds", AAS "SEB Dzīvības apdrošināšana", SIA IBS "SEB Enskilda" un SIA "Latectus".

On June of 2007 SEB aquires remaining shares of SEB banka, thus becoming the only one holder of SEB banka shares.Together with the other banks of the SEB Group SEB banka forms one of the most influencial financial institutions in Northern Europe, which serves more than 4 million clients in 20 countries.

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