BluOr Bank AS
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 June 22, 2001, as the joint-stock commercial bank Baltikums. Over time, it operated under the Baltikums Bank name and later adopted the BlueOrange Bank identity before becoming BluOr Bank AS in March 2022. The bank serves the Latvian financial market through banking and related financial services. Public descriptions of its business identify it as a commercial bank rather than a narrowly focused specialist institution. Its activities include banking services for customers in Latvia, with the available reference material also highlighting its role in digital banking and payment infrastructure. In February 2018, the bank introduced Latvia’s first contactless card ATMs, and in May of the same year it described itself as the country’s first online bank. These developments marked an effort to position the institution around convenient, technology-enabled banking services. The bank has also participated in local community and infrastructure initiatives. In summer 2017, while operating under the BlueOrange identity, it financed the opening of a new educational recreation area in Riga. This activity connected the bank’s corporate profile with a public-facing local development project. BluOr Bank’s institutional standing increased during the late 2010s and early 2020s. In December 2021, a decision of Latvia’s Financial and Capital Market Commission Council placed the bank among Latvia’s five systemically important financial institutions. A few months later, on March 21, 2022, the institution completed its rebranding as BluOr Bank AS. According to the audited 2024 financial report cited in the reference material, the bank had total assets of approximately €1.049 billion, equity of €122.4 million, and net income of €17.9 million for that reporting period. The same figures indicate a liquidity ratio of 156.28%, return on equity of 20.03%, and return on assets of 1.83%. These financial figures describe the bank’s reported position for 2024 and should not be interpreted as current figures for later periods. As of October 2025, the bank employed approximately 260 people. It was described as one of Latvia’s 500 largest companies and as one of the country’s six largest banks by total assets. It also appeared in a ranking of Latvia’s 101 most valuable companies, placing 69th in 2025 compared with 89th in the preceding year. BluOr Bank therefore occupies a significant position in Latvia’s domestic banking sector, although the available sources do not establish it as a globally international consumer brand.
History
BluOr Bank AS was founded on June 22, 2001, as the joint-stock commercial bank Baltikums. It developed within Latvia's banking sector and subsequently operated under several names, including Baltikums Bank and BlueOrange Bank. The name changes reflected successive phases of the institution's branding and market presentation rather than the creation of a separate bank. In summer 2017, while using the BlueOrange identity, the bank financed the opening of a new educational recreation area in Riga. Later that year, in September, the institution changed its legal name to BlueOrange Bank. The combination of a new name and a community-oriented financing project marked a visible stage in the bank's repositioning. The bank emphasized digital access and payment convenience during 2018. In February, BlueOrange installed the first contactless card ATMs identified in the reference material for Latvia. In May, it became the first online bank in Latvia according to the same source. These initiatives associated the institution with contactless payments, self-service banking, and online customer access. A significant regulatory milestone followed in December 2021. On December 21, the Council of Latvia's Financial and Capital Market Commission decided to include the bank among the country's five systemically important financial institutions. This classification indicated that the institution had acquired a meaningful role in Latvia's financial system. On March 21, 2022, the bank changed its name to BluOr Bank AS. The BluOr name is therefore the current identity of an institution whose corporate history extends back to the Baltikums bank established in 2001. The bank's recent scale is reflected in figures cited from its audited 2024 financial report. Total assets were approximately €1.049 billion, equity was €122.4 million, and net income was €17.9 million. The report also stated a liquidity ratio of 156.28%, return on equity of 20.03%, and return on assets of 1.83%. By October 2025, the bank employed approximately 260 people and was described as one of Latvia's six largest banks by total assets. It was also included among Latvia's 500 largest companies and ranked 69th in a 2025 list of the country's 101 most valuable companies, improving from 89th the previous year.
- 2022
BluOr Bank name adopted
[1]The institution became BluOr Bank AS on March 21, 2022.
- 2021
Recognized as systemically important
[1]A Financial and Capital Market Commission Council decision placed the bank among Latvia's five systemically important financial institutions.
- 2018
Contactless ATMs introduced
[1]BlueOrange installed the first contactless card ATMs identified in the source material for Latvia.
- 2018
Online banking milestone
[1]The bank was described as becoming Latvia's first online bank in May 2018.
- 2017
BlueOrange legal-name transition
[1]In September 2017, the bank changed its legal name to BlueOrange Bank.
- 2001
Bank founded as Baltikums
[1]The institution was established on June 22, 2001, as the joint-stock commercial bank Baltikums.
Products and positioning
A Latvian commercial bank with a domestic market presence and a technology-oriented profile, particularly associated with online banking and contactless payment infrastructure.
Digital banking · 2018
Online banking
BluOr Bank's digital-banking proposition is part of the institution's technology-oriented profile. Under the BlueOrange name, the bank was described in 2018 as Latvia's first online bank, highlighting remote access and digitally delivered banking services.
Payment infrastructure · 2018
Contactless card ATMs
The bank introduced contactless card ATM functionality in February 2018 while operating as BlueOrange. The initiative was presented as a Latvian first and was intended to make ATM access more convenient for customers using contactless cards.
Banking
Commercial banking services
BluOr Bank operates as a commercial bank serving the Latvian market. The supplied sources do not provide a complete product catalogue, but the institution's general offering is described as banking and related financial services delivered through conventional and digital channels.
Marketing campaigns
- 2017Riga educational recreation area financing
Latvia
While operating under the BlueOrange identity, the bank financed the opening of a new educational recreation area in Riga during summer 2017.
Outcome. The recreation area opened; the supplied material does not provide further performance or usage data.
Brand decisions
2022
Rebrand to BluOr BankStrategyBackground
The institution had operated under the BlueOrange name since 2017.
Action taken
On March 21, 2022, it changed its name to BluOr Bank AS.
Aftermath
BluOr Bank AS became the institution's current public identity.
2018
Launch of contactless card ATM capabilityProduct launchBackground
The bank was developing a more digitally oriented customer proposition.
Action taken
BlueOrange installed contactless card ATMs, described by the source as the first of their kind in Latvia.
Aftermath
The initiative strengthened the bank's association with contactless payments and self-service banking.
2018
Online banking positioningProduct launchBackground
The bank sought to expand digitally delivered banking access in Latvia.
Action taken
In May 2018, BlueOrange launched or presented an online-banking proposition described as Latvia's first online bank.
Aftermath
The move contributed to the bank's technology-focused market positioning.
2017
Change to BlueOrange Bank legal nameStrategyBackground
The institution had historically operated under the Baltikums and Baltikums Bank names.
Action taken
In September 2017, it changed its legal name to BlueOrange Bank.
Aftermath
The BlueOrange identity was used until the institution adopted the BluOr Bank AS name in 2022.
Sources1 sources
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