The JSC ‘Mortgage and Land Bank of Latvia’ (Mortgage Bank) is the only 100%-owned commercial bank in the Baltic States. The shareholder of the Bank is represented by the Ministry of Finance. The bank was founded on 19 March 1993 by the Government of the Republic of Latvia.
Operation of the Mortgage and Land bank of Latvia is regulated by the Law on Credit Institutions. The main tasks of the Bank are the development of the mortgage lending system of Latvia, establishment and development of the market in mortgage-backed securities as well as their promotion.
The Mortgage Bank actively participates in the activities of financial community, being represented in various local and international non-governmental institutions, including the Association of Latvian Commercial Banks, Chamber of Commerce and Industry of Latvia, European Association of Public Banks, European Mortgage Federation (associate member), etc. The Mortgage Bank also actively co-operates with the German Association of Mortgage Banks (Verband Deutscher Hypothekenbanken).
Now the Mortgage Bank has 29 branches, one in each district centre and 8 sub-branches situated in various regions of Latvia that provide for the servicing of the customers in the whole country.