Without Cards and Payments: A Well-Known Latvian Bank Changes Its Strategy; Latvian Privatbank announces a change in strategy. From December 31, the bank plans to focus exclusively on products related to lending and attracting deposits.
At the same time, payment cards issued by Privatbank, some types of payment services and cash transactions will become a thing of the past.
So, from October 1, the bank stops accepting applications for new cards, and from January 31 of the next year, it stops servicing previously issued ones.
From December 31, the contracts for regular payment of electronic invoices and contracts for regular payments also terminate.
In addition, from January 1, 2021, the bank stops cash transactions.
According to the results of the first half of 2020, Privatbank’s losses amounted to 2.833 million euros. In terms of assets, the bank was not in the top ten (176.2 million euros in the second quarter).
Earlier, the Latvian authorities promised to solve problems with opening bank accounts in the country.