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Cobalt Advises Swedbank, SEB, Luminor, and Citadele on the Cooperation Agreement

Cobalt Advises Swedbank, SEB, Luminor, and Citadele on the Cooperation Agreement

Latvia
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Cobalt has advised Latvian retail banks Swedbank, SEB, Luminor, and Citadele on a cooperation agreement to ensure accessibility of cash services throughout Latvia.

The memorandum signed on September 3, 2021, provides, among other things, for the availability of ATMs within 20 km from the home of at least 99% of the population. According to Cobalt, the increasing proportion of electronic payments has lowered both the demand for cash and the importance of ATMs, yet the availability of cash remains crucial from a social perspective and has implications for privacy.

“The largest retail banks have recognized a potential for voluntary cooperation in order to maintain, by means that would serve both consumer interests and cost efficiency, a certain level of service standards that were set in collaboration with the Bank of Latvia,” Cobalt noted.

The Cobalt team included Partner Ugis Zeltins and Specialist Counsel Edgars Pastars.