PrivatBank's Latvian Business Taken Over by Industra Bank
The Latvian Financial and Capital Market Commission allowed PrivatBank to transfer its credit institution business to Industra Bank, which took over client accounts, loans, and deposits.
On August 9, 2022, the council of the Financial and Capital Market Commission granted permission for PrivatBank to transfer its credit institution business unit to Industra Bank under a transition agreement.
As a result, Industra Bank took over client relationships from PrivatBank, including account management for individuals and legal entities, loan and leasing portfolios, deposits, and the bank's securities. The transferred loans amounted to approximately 23 million euros, while deposits exceeded 57 million euros.
According to Industra Bank representatives, 243 legal entity and 5,566 individual settlement account balances, deposits, and loans—including leases and credit card limits—were transferred from PrivatBank to Industra Bank.
PrivatBank had been operating in Latvia since August 22, 2007, as a specialized bank focusing on specific products, particularly loans, leasing, and deposit services. By asset size, it was one of the smallest banks in Latvia. Its largest shareholder was Ukraine's PrivatBank (46.54%), which was nationalized by the Ukrainian government in December 2016.
