BluOr Bank
A Latvian commercial bank headquartered in Riga, formerly known as BlueOrange Bank and Baltikums Bank.
Last updated August 24, 2026
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Overview
BluOr Bank AS is a Latvian commercial bank headquartered in Riga. The institution was established on 22 June 2001 as the joint-stock commercial bank Baltikums. It subsequently operated under the Baltikums Bank name and adopted the BlueOrange Bank name in 2017 before becoming BluOr Bank AS on 21 March 2022. The bank operates in Latvia and provides banking services under the BluOr brand. Publicly available descriptions identify it as a commercial bank rather than a narrowly focused specialist financial institution. Its offering includes conventional banking products and digital banking capabilities, although a complete current product catalogue is not established in the supplied reference material. The bank has positioned technology as part of its customer proposition: in February 2018 it introduced contactless-card-enabled automated teller machines in Latvia, and in May 2018 it described itself as the country’s first online bank. BluOr’s development has also included community-oriented activity. In summer 2017, while operating under the BlueOrange name, it financed the opening of an educational recreation area in Riga. In December 2021, a decision of Latvia’s Financial and Capital Market Commission Council classified the bank among the five systemically important financial institutions in Latvia. This designation reflected its significance within the Latvian financial system and preceded the 2022 change to the BluOr name. According to the supplied reference material, the bank employed approximately 260 people as of October 2025. Its audited 2024 financial report recorded total assets of approximately €1.049 billion, equity of approximately €122.4 million, and net income of approximately €17.9 million. The same material reported a liquidity ratio of 156.28%, return on equity of 20.03%, and return on assets of 1.83%. These figures are presented for the 2024 reporting period and should not be treated as current values beyond that period. The bank was also described as one of Latvia’s largest companies by company rankings, placing among the country’s six largest banks by total assets and ranking 69th in a 2025 list of Latvia’s most valuable companies, compared with 89th the previous year. BluOr Bank’s identity therefore combines a long-running Latvian banking operation, several brand and legal-name transitions, and an emphasis on digital access and modern payment infrastructure. Its principal market remains Latvia, with Riga serving as its central office location.
History
BluOr Bank traces its history to 22 June 2001, when it was established in Latvia as the joint-stock commercial bank Baltikums. The bank’s central office has been located in Riga, the country’s capital and principal financial centre. Its early and intermediate history is reflected in the former names Baltikums and Baltikums Bank, under which the institution developed as a Latvian commercial banking business. The institution entered a new branding phase in 2017. In September of that year, its legal name was changed to BlueOrange Bank. The BlueOrange period combined conventional banking activity with efforts to modernize customer access and to associate the bank with a more contemporary, digitally oriented identity. During summer 2017, the bank also financed the opening of an educational recreation area in Riga, an initiative that connected the brand with a local community project. Technology became more visible in the bank’s public development during 2018. In February, BlueOrange installed what the supplied reference describes as Latvia’s first contactless-card ATMs. In May, the bank presented BlueOrange as the first online bank in Latvia. These developments emphasized card convenience, self-service access, and online interaction as important elements of the bank’s customer proposition. A regulatory milestone followed in December 2021. Under a 21 December decision of the Council of Latvia’s Financial and Capital Market Commission, the bank was included among Latvia’s five systemically important financial institutions. The designation placed the institution among the banks considered significant to the national financial system. On 21 March 2022, the bank adopted the name BluOr Bank AS. The renaming created the current identity while preserving the continuity of the banking institution founded in 2001. As described in the supplied reference material, BluOr Bank remained an active Latvian commercial bank headquartered in Riga and continued to develop its banking and digital-service operations. The reference material reports that the bank employed approximately 260 people in October 2025. It also reports that the audited 2024 financial statements showed assets of approximately €1.049 billion, equity of approximately €122.4 million, and net income of approximately €17.9 million. The bank was described as ranking within Latvia’s top six banks by total assets. Additional historical detail about ownership, founders, executive leadership, international operations, and the precise composition of its current product portfolio is not established by the supplied sources.
- 2022
BluOr Bank name adopted
[1]The institution was renamed BluOr Bank AS on 21 March 2022.
- 2021
Recognized as systemically important
[1]A 21 December decision by Latvia’s Financial and Capital Market Commission Council placed the bank among Latvia’s five systemically important financial institutions.
- 2018
Contactless card ATMs introduced
[1]BlueOrange installed contactless-card-enabled ATMs in Latvia, described in the source as the country’s first such machines.
- 2018
Online banking identity expanded
[1]In May 2018, BlueOrange stated that it had become the first online bank in Latvia.
- 2017
Legal name changed to BlueOrange Bank
[1]In September 2017, the bank changed its legal name from the Baltikums-era identity to BlueOrange Bank.
- 2001
Bank founded as Baltikums
[1]The institution was founded on 22 June 2001 as the Latvian joint-stock commercial bank Baltikums.
Products and positioning
A Latvian commercial bank combining established domestic banking operations with digital banking and modern payment access.
Digital banking · 2018
Online banking
BluOr’s digital banking proposition developed prominently during its BlueOrange period. In May 2018, the bank described itself as the first online bank in Latvia, making online access a central part of its modernization and customer-service narrative. The supplied sources do not provide a complete list of current online features.
Self-service banking · 2018
Contactless card ATMs
In February 2018, the bank introduced ATMs capable of working with contactless cards. The initiative focused on faster, more convenient self-service access and was presented as a first for Latvia in the supplied reference material.
Banking · 2001
Commercial banking services
BluOr Bank operates as a commercial bank in Latvia. Its banking activity encompasses account, payment, deposit, card, and related financial services, although the supplied reference material does not specify the full current range or detailed terms of each service.
Marketing campaigns
- 2017Riga educational recreation area
Latvia
While operating as BlueOrange, the bank financed the opening of an educational recreation area in Riga during summer 2017. The project represented a local community and education-oriented initiative associated with the bank.
Outcome. The supplied material confirms the opening of the area but does not provide further information about its continuing operation or measurable campaign results.
Brand decisions
2022
Rebrand to BluOr BankStrategyBackground
After operating as BlueOrange Bank, the institution undertook another identity change while retaining continuity as the Latvian bank founded in 2001.
Action taken
The bank changed its name to BluOr Bank AS on 21 March 2022.
Aftermath
BluOr Bank became the institution’s current public identity and continued operating from Riga.
2018
Launch of contactless card ATM capabilityProduct launchBackground
The bank sought to modernize self-service banking and card access in Latvia.
Action taken
BlueOrange installed contactless-card-enabled ATMs in February 2018.
Aftermath
The initiative was described as Latvia’s first contactless card ATM deployment in the supplied source.
2018
Expansion of online banking positioningStrategyBackground
Digital access was becoming a visible part of the bank’s customer proposition during the BlueOrange period.
Action taken
In May 2018, the bank presented BlueOrange as the first online bank in Latvia.
Aftermath
The announcement reinforced the bank’s technology-oriented positioning, although the supplied material does not document subsequent product metrics.
2017
Rebrand and legal-name change to BlueOrange BankStrategyBackground
The bank had operated under the Baltikums and Baltikums Bank identities since its 2001 establishment.
Action taken
In September 2017, the institution changed its legal name to BlueOrange Bank.
Aftermath
The BlueOrange identity was used during the bank’s subsequent digital-service and payment-access initiatives before the institution adopted the BluOr Bank name in 2022.
Sources2 sources
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