What SEB Latvija does

SEB Latvija, operating as AS "SEB banka", is a Latvian full-service commercial bank and a subsidiary of the Swedish financial group Skandinaviska Enskilda Banken AB (SEB), itself listed on the Stockholm Stock Exchange. The bank is regulated by Latvia's Financial and Capital Market Commission (FCMC) and, together with SEB Estonia and SEB Lithuania, forms the SEB Baltic franchise, with consolidation of the three subsidiaries into a single Baltic entity permitted as of 2026-05-22. Its headquarters are at Meistaru iela 1 in Riga, and the operating footprint includes 100+ ATM and service point locations across Latvia. The legal group around the bank includes IPAS SEB Investment Management, AS "SEB atklātais pensiju fonds" (open-end pension fund), and SEB Life and Pension Baltic SE, which together give the entity a vertically integrated wealth and insurance offering alongside core banking.

The product stack spans retail current and savings accounts, consumer and corporate lending, business banking, private banking, securities trading, investment funds, occupational pensions, and life and pension insurance. The technology layer includes internet banking, native iOS and Android mobile applications, biometric authentication, and video-based advisory consultations delivered via Microsoft Teams. Customer authentication is supported through Smart-ID, eID card, eParaksts mobile, and code calculator/Digipass hardware, and payment rails include Mastercard, SEPA, SWIFT, and the domestic Zibmaksājumi instant-payment scheme. AI features are visible in a virtual advisor chatbot and the Roboinvestors robo-advisor (entry from 10 EUR), with further AI-as-financial-consultant capabilities under exploration.

The business model combines net interest income from lending, fee and commission income from payments, cards, and securities, asset-management fees on investment funds and pension assets, and insurance premiums through the life and pension subsidiary. Retail monetization is increasingly structured around tiered monthly subscription packages: Ikdienas at 3 EUR/month, Aktīvais at 5 EUR/month, and Dinamiskais at 10 EUR/month, with a free youth banking offer for clients aged 7-25 designed to seed long-tenure relationships. The bank is privately held (Latvian entity IPO status: private), with capital and strategic direction set by the listed SEB Group parent.

Name

SEB Latvija

Legal name

AS "SEB banka"

Website

https://seb.lv

Company type

Private

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SEB Latvija (AS "SEB banka") is a Latvian full-service commercial bank and subsidiary of Swedish financial group Skandinaviska Enskilda Banken AB (SEB). It serves retail, business, and private banking customers with deposits, lending, investments, pensions, and insurance across Latvia.

Ownership category

akta.pro rank

Headquarters

HQ city

Kekava

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest spreads on loans (mortgages, consumer loans, leasing) and deposits (savings accounts, term deposits, pension funds)
2. Transaction and Service Fees: Fees for payment processing, wire transfers, card transactions, account maintenance, and ATM withdrawals. Pricing varies by channel (digital vs in-person) and customer package tier.
3. Credit Products Commissions: Loan origination fees (1% of approved amount, min 90 EUR), credit card annual fees, overdraft interest (21-26% annually)
4. Investment and Wealth Management: Fees from investment funds (SEB Investment Management), Robo-Advisor portfolio management (0.80% annually), securities trading commissions, pension fund management (2nd and 3rd pillar)
5. Insurance Distribution: Life insurance with savings component (SEB Life and Pension Baltic SE), travel insurance, home insurance, loan payment insurance distributed through bank channels

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

SEB Latvija (AS "SEB banka") is a full-service universal bank operating in Latvia as part of the Nordic SEB Group. It provides retail, corporate, and private banking through current accounts, savings and term deposits, Mastercard payment cards, mortgage and consumer loans, leasing, investment funds, securities trading, Robo-Advisor portfolios, second and third pillar pension plans, and life and general insurance, delivered via its internet bank, mobile app, branch network, ATM network, and video consultation service.

Product overview

SEB Latvija is a full-service bank operating as part of the SEB (Skandinaviska Enskilda Banken) Baltic group, offering a comprehensive digital banking platform alongside traditional branch services. The core offering is the SEB Internet Bank (web-based) and SEB Mobile App (iOS/Android), which together provide unified access to current accounts, savings, investments, loans, insurance, and pensions. These platforms integrate with a suite of authentication tools (Smart-ID, eID card, eParaksts mobile, code calculator, SEB app authentication, biometrics) and payment networks (Mastercard, SEPA, SWIFT, Zibmaksājumi instant payments). The investment product range includes Robo-Advisor, Micro-Investments, SEB Investment Funds, and Securities Trading. Insurance products span life, travel, home, vehicle, and loan payment coverage. The pension suite covers mandatory 2nd pillar (managed by SEB atklātais pensiju fonds), voluntary 3rd pillar with tax benefits, and Next Generation Pension. Lending products include mortgages, home equity loans, consumer loans, student loans, leasing, and overdrafts. A layered service package system (Ikdienas/Daily, Aktīvais/Active, Dinamiskais/Dynamic) bundles these products with Mastercard cards at different price points. Video consultations via Microsoft Teams enable remote advisory across all product lines.

Differentiator

Problem solved

Functional benefit

Brands

• SEB Investment Management: Investment management services including SEB investment funds
• SEB atklātais pensiju fonds
• SEB Life and Pension Baltic SE
• Private Banking
• Roboinvestors

Products and services

• Current Account (Norēķinu konts) Primary transaction account for everyday banking including unlimited SEB internal payments and standard SEPA transfers, available to private individuals and businesses.
• Client Packages (Ikdienas, Aktīvais, Dinamiskais) Bundled banking service packages offering tiered features: Ikdienas (Daily) at 3 EUR/month, Aktīvais (Active) at 5 EUR/month with travel insurance on credit card, and Dinamiskais (Dynamic) at 10 EUR/month with premium credit card, better investment terms, and 1,500 EUR ATM limit. Free for ages 7-25.
• Mastercard Juniora (7-17 years) Debit card for children aged 7-17 offering free issuance and cash withdrawals up to 750 EUR/month at SEB and Swedbank ATMs commission-free, with a free code calculator.
• Mastercard Debit Standard contactless Mastercard debit card for everyday payments with free purchases in Latvia and abroad and up to 750 EUR/month free ATM withdrawals at SEB Baltics and Swedbank Latvia ATMs depending on package.
• Mastercard Standard (Credit) Mastercard credit card offering three repayment options (interest-free credit limit, revolving credit line at 18% annually, or fixed payment) with free purchase insurance and travel insurance included.
• Mastercard Premium (Credit) Premium Mastercard credit card with purchase insurance, family travel insurance, Flight Delay Pass for airport lounge access, and Fast Track priority security at international airports.
• Mastercard World Elite (Credit) Top-tier Mastercard credit card for high-net-worth clients featuring premium concierge services, exclusive travel benefits, credit line at 18% annually, and an issuance and monthly fee of 35 EUR.
• Robo-Advisor (Roboinvestors) Automated investment advisory service accessible via mobile app that builds a personalized investment portfolio in 15 minutes starting from 10 EUR, with 0.80% annual portfolio management fee, requiring no prior investing experience.
• Micro-Investments (Mikroinvestīcijas) Fractional investment product allowing customers to invest small amounts in securities via internet bank and mobile app, charging 0.80% per buy/sell transaction commission and 0.0150% monthly custody fee.
• SEB Investment Funds Range of SEB-managed investment funds including equity, bond, and money market funds managed by IPAS SEB Investment Management, with minimum purchase from 1 EUR.
• Securities Trading Brokerage service for trading stocks, ETFs, and debt securities on Baltic, Scandinavian, European, US, and Canadian exchanges, with commissions varying by market from 0.10% on Baltic equities to 0.25% on US and European stocks.
• Savings Account / Digital Savings Box (Krājkonts / Digitālā krājkase) Variable-rate savings account allowing unlimited transfers from current account and cash deposits at ATMs, with a 7,000 EUR combined monthly cash deposit limit across all cards and a 0.5% fee (min 1 EUR) for unannounced withdrawals.
• Term Deposit (Termiņnoguldījums) Fixed-term savings product with a locked interest rate, where early withdrawal forfeits accrued interest but carries no commission.
• Pension 2nd Pillar State-mandated second-pillar pension plan managed by AS SEB atklātais pensiju fonds, with mandatory contributions of 6% of salary from 2024 providing retirement income in addition to state pension.
• Pension 3rd Pillar

Quantifiable outcome

• Instant payments processed in 10 seconds, 24/7 including holidays
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability5 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core.

• Brink'scoreOthersBrink's is an international leader in cash management and logistics responsible for ATM servicing and maintenance across all Baltic countries. SEB transitioned ATM operations to Brink's for professional cash handling and network reliability.
• SK ID SolutionscoreTechnology or IntegrationSK ID Solutions is the developer of Smart-ID, a free mobile authentication application used by millions across the Baltics. Smart-ID enables login to SEB internet bank, payment confirmation, and electronic document signing.
• MicrosoftcoreTechnology or IntegrationMicrosoft Teams platform is used for video consultations, allowing SEB customers to meet with specialists remotely at reserved times for financial advisory services.
• MastercardcoreTechnology or IntegrationSEB issues Mastercard-branded payment cards including Debit, Juniora, Standard, Premium, and World Elite cards. Card services include purchase protection, travel insurance, and airport privileges.
• SEB Investment Management (IPAS SEB Investment Management)coreStrategic or Co-development PartnerAffiliate providing investment fund management services. Manages SEB investment funds offered to retail customers including equity funds, bond funds, and money market funds. Part of SEB financial group.
• SEB atklātais pensiju fondscoreStrategic or Co-development PartnerSEB Open Pension Fund managing 2nd and 3rd pillar pension contributions. Provides pension plan administration and management services for SEB customers.
• SEB Life and Pension Baltic SEcoreStrategic or Co-development PartnerInsurance company offering life insurance with savings component, pension insurance, and related insurance products distributed through SEB bank channels.
• Nasdaq CSD SE (Central Securities Depository)coreTechnology or IntegrationBaltic central securities depository for custody of Baltic securities and settlement of equity transactions.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• N26: European digital bank offering mobile-first current accounts, cards, and payments with presence in select EU markets. Competes with SEB Latvija for digitally native retail customers and represents the same kind of unbundled challenger pressure as Revolut.
• Revolut: Digital-first neobank operating across the Baltics, including Latvia, with multi-currency accounts, cards, payments, and increasingly investment and lending products. Targets the same retail and young-professional segments as SEB Latvija and is a meaningful challenger in the digital channel.

Direct peers

• Luminor Bank: Pure-play Baltic bank serving retail, SME, and corporate customers across Latvia, Estonia, and Lithuania. Comparable to SEB Latvija in product scope and Baltic geographic focus, and a direct competitor for the same customer base and SEB's pending pan-Baltic consolidation strategy.
• Citadele banka: Latvian commercial bank offering retail and business banking, lending, cards, and investment services. Comparable to SEB Latvija in target market (Latvia), product breadth, and customer segments, and is a meaningful domestic competitor.
• SEB Estonia: Sister entity within the SEB group offering the same product catalog under the SEB brand in Estonia. Direct comparability in offerings, technology stack, and pricing structure, with full integration planned following the 2026 Baltic merger approval.
• Swedbank Latvia: Direct competitor in Latvia offering retail, business, and corporate banking with a comparable product set including current accounts, mortgages, investment funds, and pensions. Swedbank is the dominant Baltic bank and the closest head-to-head rival for SEB Latvija across customer segments.
• SEB Lithuania: Sister entity within the SEB group operating the same comprehensive banking, lending, investment, and pension platform in Lithuania. Closely aligned with SEB Latvija in brand, products, and customers, and slated to merge into a unified Baltic entity.

Others

• Wise: Cross-border payments specialist operating in the Baltics, competing specifically with SEB Latvija's SWIFT and SEPA cross-border payment and FX services. Comparable in cross-border money movement but does not offer the full banking stack.

Broad incumbents

• Nordea Bank: Major Nordic universal bank with historical Baltic presence. Comparable as a broader incumbent offering retail, corporate, and investment banking across the Nordic-Baltic region, though less specialized to Latvia specifically than SEB Latvija.
• OP Financial Group: Finnish cooperative financial group providing retail and corporate banking, investment, and insurance services across the Nordics. Comparable as a Nordic incumbent with a similar full-service model, though without a major Latvian retail banking franchise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/seb-latvija

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments7 records

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

Frequently asked questions about SEB Latvija