What PNB Banka does

PNB Banka was a Latvian commercial bank headquartered in Riga, providing a full suite of retail and corporate banking services to approximately 100,000 customers across Latvia. Founded in 1993 (originally as Lateko Banka, later Norvik Banka), the franchise rebranded to PNB Banka in November 2018 and operated through subsidiaries IPAS "PNB Asset Management," Norvik IPS (pension fund administration), and Norvik Apdrošināšanas Brokeris (insurance brokerage). The product set spanned settlement and savings accounts, MasterCard-branded payment cards across multiple tiers, consumer and vehicle loans, securities trading via the e-Norvik platform integrated with Interactive Brokers' Trader Workstation, two proprietary bond funds (PNB EM High Yield Bond Fund and PNB Total Return Bond Fund), Bitcoin futures via CME Group contracts, REPO transactions, currency exchange, and bancassurance products distributed through a partnership with Compensa Life Vienna Insurance Group SE. Technology infrastructure comprised internet banking with multi-factor authentication (SMS PIN, code calculator, Google Authenticator), a mobile app, an InOut queue-management system for branch visits, automated fraud-detection and AML monitoring, and credit-bureau integration via Kredītinformācijas Birojs (KIB).

The bank's business model combined subscription-based monthly service packages (Norvik Premium, Norvik Unlimited at EUR 1.50/month, Biznesa komplekts, Senior Account Package), transaction fees on securities and FX, interest income on lending, and traditional spread-based deposit/lending activities. Distribution was anchored by the largest physical branch network among Latvian commercial banks — over 40 customer service centers across Riga, Daugavpils, Liepāja, Jelgava, Valmiera, Ventspils, and Kuldīga — supplemented by internet and mobile banking and a contact center. The bank's distinctive strategic positioning was senior-focused: approximately two-thirds of Latvian customers were aged 55+, supported by dedicated in-branch senior consultants, partnerships with Latvian Pensioners Federation, and the Baltic-first Mēness aptieka medication installment program offering 3-6 month interest-free installments to seniors aged 55-75.

PNB Banka's operations were suspended by the Financial and Capital Market Commission (FKTK) on August 15, 2019, and the bank was declared insolvent by the Riga City Vidzeme Suburb Court on September 12, 2019, with administrator Vigo Krastiņš appointed. Prior net profit was 263,000 EUR against 588 million EUR in total assets and 474 million EUR in deposits as of January 31, 2019. The European Central Bank cancelled the credit institution license on February 18, 2020, and as of the most recent reporting (March 31, 2025) the entity continues to operate solely under insolvency administration, with guaranteed compensation payouts transferred from Citadele Banka to Latvijas Banka for continued administration. The website remains accessible primarily for creditor communications, asset-sale notifications, and historical customer information.

Name

PNB Banka

Legal name

AS PNB Banka

Website

https://pnbbanka.eu

Company type

Private

Founded year

1993

Operating status

Closed

Headcount range

501–1,000 employees

Short description

PNB Banka (formerly Norvik Banka) was a Latvian commercial bank in Riga serving approximately 100,000 customers, primarily seniors, with deposits, lending, payment cards, and securities trading. Operations were suspended August 2019; the bank was declared insolvent September 2019 and the ECB cancelled its license in February 2020.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)

Keywords

• Retail banking services
• Commercial banking
• Payment card services
• Consumer lending
• Investment funds

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Traditional Banking Services: Core banking services including deposit taking, lending, payment services, and card operations
2. Brokerage Services: Securities trading, investment funds management (PNB EM High Yield Bond Fund, PNB Total Return Bond Fund)
3. International Banking Services: Services for non-residents including KYC/AML compliant account management
4. Insurance Services: Bancassurance partnership offering life and non-life insurance products

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

PNB Banka was a Latvian commercial bank providing a comprehensive suite of traditional banking services: settlement and savings accounts, MasterCard payment cards (Maestro, Standard, Gold, Platinum), consumer and auto loans, securities trading (including Bitcoin futures via CME Group), proprietary investment funds (PNB EM High Yield Bond Fund, PNB Total Return Bond Fund), foreign currency exchange, safe deposit boxes, and insurance distribution. The bank served individuals (especially seniors), SMEs, and non-resident/international clients through an extensive branch network across Latvia, internet banking, and mobile channels.

Product overview

PNB Banka (formerly Norvik Banka, rebranded November 2018) is a Latvian commercial bank providing a comprehensive suite of traditional banking products organized around five core pillars: (1) deposit and account services — settlement accounts, savings accounts, children's savings, term deposits, and safe deposit boxes; (2) payment services — MasterCard payment cards across multiple tiers (Maestro, Standard, Gold, Platinum), prepaid cards, gift cards, automatic bill payment, and standing orders; (3) lending — consumer loans, auto loans, and specialized education loans for the airBaltic Pilot Academy; (4) investment and securities — securities trading via the e-Norvik online platform (integrated with Interactive Brokers' TWS), Bitcoin futures through CME Group, REPO transactions, and two proprietary investment funds (PNB EM High Yield Bond Fund and PNB Total Return Bond Fund) managed by the bank's IPAS 'PNB Asset Management' subsidiary; and (5) specialized account packages — Senior Account, Premium, Unlimited, Business Package, and Private Banking. The bank also distributes insurance products through branch partnerships and ran a social medication installment program with 'Mēness aptieka' pharmacies for seniors. The bank entered insolvency proceedings in September 2019.

Differentiator

Problem solved

Functional benefit

Products and services

• Settlement Accounts Standard transactional bank accounts for individuals and businesses enabling day-to-day financial operations, payments, and fund management.
• Savings Accounts Interest-bearing savings deposit accounts for individuals to accumulate savings with accrued interest.
• Time Deposits Fixed-term deposit products offering guaranteed returns with predetermined maturity dates and interest rates, including special Jubilee deposit promotions.
• Children's Savings Accounts Specialized savings accounts designed for minors, encouraging financial literacy and savings habits from an early age with age-appropriate terms.
• Safe Deposit Boxes Secure individual safe deposit box rental service for storing valuables, documents, and other assets in bank-controlled vaults.
• PNB Internetbanka Online banking platform providing account management, payment execution, foreign exchange information, and electronic document services, supporting authentication via code calculator, SMS PIN, and Google Authenticator.
• Payment Cards MasterCard-branded payment cards including Maestro, MasterCard Standard, MasterCard Gold, and MasterCard Platinum, with contactless payment capability and varying premium service tiers.
• Prepaid Cards Prepaid payment cards for communal payments and general use, allowing funds to be loaded in advance without requiring a traditional bank account.
• Gift Cards Electronic gift cards issued by the bank for use as gifts or stored value for retail purchases.
• Automatic Bill Payment Automated recurring payment service that settles utility bills, subscriptions, and other regular invoices on behalf of the client on a scheduled basis.
• Standing Orders Recurring scheduled fund transfer service enabling automated periodic payments to designated recipients on fixed dates.
• Consumer Loans Personal loan products for individuals to finance consumption, purchases, or other personal needs with flexible repayment terms.
• Vehicle Loans Specialized auto financing loans for purchasing vehicles, introduced as a distinct consumer lending product.
• airBaltic Pilot Academy Student Loans Education loans issued to students of the airBaltic Pilot Academy to cover tuition costs for integrated airline pilot training programs, with total financing of approximately 1.1 million EUR extended to 24 students.
• PNB EM High Yield Bond Fund Actively managed emerging market high-yield bond investment fund denominated in USD, managed by IPAS 'PNB Asset Management', targeting above-market yields through diversified EM sovereign and corporate debt exposure.
• PNB Total Return Bond Fund Total return bond fund also managed by IPAS 'PNB Asset Management', aimed at generating positive absolute returns across various market conditions through fixed income strategies.
• Bitcoin Futures Trading Bitcoin futures contracts trading product referencing CME Group futures, enabling clients to trade cryptocurrency derivatives through the bank's securities platform.
• Securities Trading Platform (e-Norvik / TWS) Online securities trading platform offering real-time market access, supporting equities, bonds, and derivatives trading, integrated with Interactive Brokers' Trader Workstation (TWS) technology.
• Currency Exchange Services Foreign currency buying and selling services for clients, including spot exchange and margin trading on margin accounts for leveraged currency speculation.
• REPO Transactions Repurchase agreement transactions enabling clients to obtain financing by selling securities to the bank with an agreement to repurchase them, used for leveraged investment strategies.
• Senior Account Package Specialized account bundle tailored for senior clients, offering favorable terms for pension deposits, bill payments, and reduced-cost services including a discounted GO3 code calculator.
• Norvik Premium Premium banking package for high-net-worth clients with significant account balances and intensive card usage, offering elevated service levels and exclusive benefits.
• Norvik Unlimited Comprehensive banking package offering all of the bank's most popular services without limits or restrictions for a flat monthly fee of EUR 1.50.
• Biznesa komplekts (Business Package) Bundled service package for business clients providing a suite of corporate banking services at favorable rates, tailored for daily business operations.
• PNB Private Banking Wealth management and private banking services for high-net-worth individuals, including access to premium MasterCard tiers, concierge services, investment advisory, and international wealth structuring.
• PNB Insurance Products Non-bank insurance products offered through bank branches in partnership with insurance providers, including life insurance through Compensa Life Vienna Insurance Group SE, available to both existing and non-existing clients.
• PNB SMS-Bank SMS notification and banking service delivering transaction alerts and account information via text messages in a standardized format for payment card operations.
• Pilsētnieka karte (City Resident Card) Special-purpose bank card with features designed for city residents, including targeted benefits and services for the local market segment.

Quantifiable outcome

• 94 million EUR paid out in guaranteed compensation (34% of total) to 19,200 customers within first week of insolvency
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Green GSMminorStrategic or Co-development Partner · 1 June 2026Partnership to scale electric ride-hailing services. Collaboration highlights growing importance of credit access and digital payment infrastructure for EV ride-hailing platforms. No specific details about partnership terms, timeline, or geographic scope provided.
• Mēness aptiekacoreStrategic or Co-development PartnerBaltic-first innovative service allowing seniors (55-75) to purchase prescription medications with installment payments (3-6 months) at 10 pharmacies initially in Riga, Daugavpils, Cēsis, Jelgava, Jēkabpils, Jūrmala, Madona, Ogre, and Talsi. Service at no extra cost to customers.
• NetscoreTechnology or IntegrationStrategic partnership with Scandinavian leader in payment services. Part of PNB Banka's expansion of business service segment and range of services offered.
• Kredītinformācijas Birojs (KIB)coreTechnology or IntegrationPartnership with Latvia's largest data exchange venue for credit information. Enables PNB Banka to assess customer creditworthiness more precisely and evaluate payment discipline from other lenders.
• Latvijas Pensionāru federācijacoreStrategic or Co-development PartnerFive-year cooperation agreement providing financial support and senior employment opportunities. PNB Banka supports senior organizations across Latgale region and all of Latvia.
• Digital Freedom FestivalcoreGTM or Marketing PartnerOfficial bank partner for three consecutive years. Organizes FinTech discussions and promotes innovation awareness in the region.
• Caspian European ClubminorGTM or Marketing PartnerPlatinum member status. Platform unites over 5,000 companies from 70 countries. Active participation in club events.
• Baltic Financial Advisors AssociationminorStrategic or Co-development PartnerMembership in Baltic states organization for financial advisors. Part of strategy to improve financial market service quality.
• Forbes LatvijaminorGTM or Marketing PartnerContent partnership featuring 'Experienced Entrepreneur Stories' column providing business advice from senior entrepreneurs to younger generation.
• airBaltic Pilot AcademyminorStrategic or Co-development PartnerStudent loans for pilot training totaling 1.144 million EUR for 24 students in the Integrated Airline Transport Pilot course. First such loans issued in 2018.
• Compensa Life Vienna Insurance Group SEcoreChannel Partner/ Reseller/ DistributorBancassurance partnership offering life insurance products to bank customers.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Swedbank Latvia: Swedbank Latvia is the largest commercial bank in Latvia by assets and customers, part of the Nordic Swedbank group. It is directly comparable to PNB Banka as a full-service commercial bank offering retail deposits, lending, payments, and securities services across Latvia, though significantly larger and operating across the broader Baltic region.
• SEB Banka: SEB Banka is a major commercial bank in Latvia operated by the Swedish SEB Group. It offers comparable services to PNB Banka including retail banking, corporate banking, securities trading, and asset management, serving both individual and business clients across Latvia through an extensive branch and digital network.
• Luminor Latvia: Luminor is one of the largest banks in the Baltic states, formed from the merged banking operations of DNB and Nordea in the region. It competes directly with PNB Banka in retail, SME, and corporate banking across Latvia, operating through branch networks and digital platforms serving similar customer segments.

Direct peers

• Citadele banka: Citadele banka is one of Latvia's largest domestically-focused commercial banks, offering retail deposits, lending, payments, and investment services. It is the most direct domestic competitor to PNB Banka in the Latvian retail and SME banking market, and notably took over administration of guaranteed compensation payouts from PNB Banka before transferring them to Latvijas Banka.
• Rietumu Banka: Rietumu Banka is a privately-held Latvian commercial bank that focuses on corporate banking, private banking, and services for non-resident clients. It is highly comparable to PNB Banka in that Natālija Ignatjeva, PNB Banka's board member overseeing AML, previously served as Vice President and Board Member at Rietumu Banka, indicating closely comparable business models.
• BlueOrange Bank: BlueOrange Bank is a smaller Latvian commercial bank offering retail and corporate banking, investment services, and foreign exchange products. It is comparable to PNB Banka as a mid-sized domestic commercial bank serving similar retail and SME customer segments in Latvia, including securities and FX services.
• Regionala Investiciju Banka: Regionala Investiciju Banka is a smaller Latvian commercial bank offering retail banking, lending, and payment services. It operates in the same Latvian domestic banking market as PNB Banka, serving comparable retail and SME customer segments with similar traditional banking products.

Others

• Latvijas Banka: Latvijas Banka is the central bank of Latvia and a member of the Eurosystem. It is thematically related as the regulatory authority that took over administration of PNB Banka's guaranteed compensation payouts in 2025, and serves as the monetary authority overseeing all Latvian commercial banks including PNB Banka prior to its insolvency.

Regional players

• Bigbank Latvia: Bigbank is an Estonian-headquartered bank operating in Latvia and other Baltic states, specializing in consumer lending and deposits. It is comparable to PNB Banka's consumer credit and deposit products but with a digital-first, branch-light model, representing an alternative competitive approach in the Latvian market.
• Industra Bank: Industra Bank (formerly Latvijas Krājbanka-affiliated operations) is a Latvian commercial bank focused on retail and SME banking. It provides a comparable set of deposit, lending, and payment services to Latvian residents, competing in similar customer segments to PNB Banka's retail franchise.

Market position

Strengths2 records

Weaknesses3 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/PNB_Banka

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PNB Banka