Latvijas Krājbanka
Latvijas Krājbanka was a Latvian savings and retail bank that operated from the country's restored independence until its liquidation after the 2011 collapse of the Snoras banking group.
Last updated August 26, 2026
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Overview
Latvijas Krājbanka, whose name means Latvian Savings Bank, was a Latvian banking institution with roots in the country's postal savings system. Its predecessor, Pasta krājkase, was established in 1924 as a postal savings bank. During the period of the Latvian Soviet Socialist Republic, the institution was integrated into the Savings Bank of the USSR. After Latvia restored its independence, the bank was re-formed under the Latvijas Krājbanka name and developed as a domestic savings and retail-banking institution. The bank's later history was shaped by privatization and ownership changes. Its privatization process began in 1997 and was completed in 2003. The principal shareholders subsequently included the Lithuanian Snoras banking group and Russian businessman Vladimir Antonov. As a listed Latvian bank, Latvijas Krājbanka served customers through a nationwide network of branches and customer-service centres. Its activities were oriented toward conventional banking and savings services, although the available reference material does not provide a complete product catalogue. The institution operated during a difficult period for Latvia's economy. In 2009, a year marked by a severe economic contraction, the bank reported turnover revenue of LVL 34.6 million and a loss of LVL 1.9 million. It employed 941 people and maintained 155 customer-service centres in Latvia. The same year marked the bank's 85th anniversary, and Ivars Priedītis became chairman of the board. In 2010, as economic conditions began to improve, the bank continued its activities and development and supported cultural events in Latvia. Latvijas Krājbanka's existence ended after the failure of Snoras. In November 2011, the Latvian government took control of the bank and began its liquidation after Snoras became insolvent. The bank subsequently lost its banking licence in May 2012. The collapse generated criminal proceedings involving Vladimir Antonov, who was accused of fraud and misappropriation, as well as proceedings involving former board chairman Ivars Priedītis. Both were later convicted and received prison sentences according to the cited reference material. Assets connected with them were also seized. Some customers did not withdraw all guaranteed compensation available from their accounts; the cited figure for unclaimed funds was EUR 6.1 million. Today Latvijas Krājbanka is a defunct historical Latvian bank rather than an operating financial-services brand. Its legacy combines the long institutional tradition of postal and state savings banking with the risks associated with privatization, concentrated ownership, cross-border banking-group exposure and the financial crisis that culminated in its liquidation.
History
Latvijas Krājbanka developed from Latvia's postal savings tradition. Pasta krājkase was founded in 1924 as a postal savings bank, providing the institutional basis for a long-running savings organization. Following the incorporation of Latvia into the Soviet system, the bank was integrated into the Savings Bank of the USSR. This changed its legal and operational setting, but preserved its association with savings services. After Latvia regained independence, the institution was re-formed under the name Latvijas Krājbanka. It became part of the country's re-established banking sector and operated as a domestic savings and retail bank. Its presence was supported by a sizeable Latvian service network. The institution was also listed on the Riga OMX exchange, with the securities codes LKB1R and LKB2R cited for the bank. Privatization began in 1997 and was completed in 2003. In the years that followed, the Lithuanian Snoras banking group and Russian businessman Vladimir Antonov became the principal shareholders. This ownership structure linked the Latvian institution to a broader regional banking group and made the bank's fortunes dependent in part on the stability of its controlling interests. The global financial crisis and Latvia's particularly severe economic downturn created difficult operating conditions. In 2009, Latvijas Krājbanka reported turnover revenue of LVL 34.6 million and a loss of LVL 1.9 million. It had 941 employees and 155 customer-service centres in Latvia. The year also included the bank's 85th-anniversary observance and a leadership change, with Ivars Priedītis becoming chairman of the board. The following year, the bank continued its operations and development as the Latvian economy began to improve. It also supported cultural events, indicating that its public role extended beyond basic banking activity. The decisive break came in 2011, when Snoras became bankrupt. In November of that year, the Latvian government took over Latvijas Krājbanka and moved the institution into liquidation. The bank's banking licence was revoked in May 2012. The failure also led to criminal proceedings involving Vladimir Antonov, who was accused of fraud and misappropriation of US$290 million, and Ivars Priedītis. The cited reference states that Antonov received a six-year prison sentence and Priedītis a five-year sentence in August 2012, with assets seized from both men. A total of EUR 6.1 million in guaranteed compensation was reportedly not withdrawn by customers before the relevant process ended. Latvijas Krājbanka is therefore remembered as both a historic Latvian savings institution and a failed bank whose final chapter was shaped by ownership concentration, the collapse of a connected banking group, state intervention and liquidation.
- 2012
Banking licence revoked
[1]Latvijas Krājbanka lost its banking licence in May during the liquidation process.
- 2011
Government takeover and liquidation
[1]The Latvian government took over the bank in November after the bankruptcy of Snoras and began liquidation.
- 2009
85th anniversary and leadership change
[1]The bank marked 85 years of history, reported difficult financial results during Latvia's recession, and appointed Ivars Priedītis chairman of the board.
- 2003
Privatization completed
[1]The privatization process concluded.
- 1997
Privatization begins
[1]The bank's privatization process was initiated.
- 1924
Postal savings bank established
[1]Pasta krājkase was founded as Latvia's postal savings bank, establishing the institutional origin of Latvijas Krājbanka.
Integration into the Soviet savings-bank system
[1]During the Latvian SSR period, the institution was incorporated into the Savings Bank of the USSR.
Re-formed as Latvijas Krājbanka
[1]After Latvia restored independence, the institution was re-established under the Latvijas Krājbanka name.
Products and positioning
A domestic Latvian savings and retail bank built around the country's postal-savings tradition and broad customer-service network.
Retail banking
Savings accounts and deposits
Savings was the institution's defining historical function, inherited from its postal-savings origins. Latvijas Krājbanka operated as a savings and retail bank serving customers in Latvia. The available reference material does not identify specific account names, interest rates or detailed deposit products.
Banking services
Retail banking and payment services
The bank provided general banking services through a broad Latvian customer-service network. These activities are described at an institutional level rather than through a documented list of individual products. The service offering ended when the bank was taken over and liquidated.
Controversies
2012
Criminal convictions involving senior figures
Vladimir Antonov was accused of fraud and misappropriation of US$290 million. In August 2012, the cited source states that Antonov was sentenced to six years in prison and former board chairman Ivars Priedītis to five years; assets were seized from both.
2011
Collapse following the bankruptcy of Snoras
The bankruptcy of the Snoras banking group led to Latvian state intervention, the takeover of Latvijas Krājbanka and the bank's liquidation.
Marketing campaigns
- 2010Cultural-event support
Latvia
The bank supported important cultural events while continuing its business activities and development during the improvement of Latvia's economy.
Outcome. The available source does not specify the individual events, campaign creative or measurable results.
Brand decisions
2011
State takeover and liquidationOtherBackground
The bankruptcy of Snoras created a crisis for its connected Latvian banking interest.
Action taken
The Latvian government took over Latvijas Krājbanka in November and placed it into liquidation.
Aftermath
The bank lost its banking licence in May 2012 and ceased operating as a banking brand.
1997
Begin privatizationStrategyBackground
Following Latvia's restoration of independence and the bank's re-formation, the institution entered a privatization process.
Action taken
The privatization process was initiated in 1997 and later completed in 2003.
Aftermath
The bank subsequently had principal shareholders connected with the Snoras banking group and Vladimir Antonov.
Sources1 sources
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