Banks agreed to set in the Association’s by-laws new obligations to ALCB’s members in order to facilitate high standards of ethics and compliance of the field, approve the best practice guidelines “Social Charter of Banks”, as well as agreed to elaborate a detailed self-regulation mechanism by the end of the year.
At the meeting of members of ALCB, a new council for the Association was elected. From now on, at the level of chairman and member of the board, it will consist of representatives of the following banks: Swedbank, ABLV Bank, SEB bank, Nordea Bank AB Latvia branch, Citadele Bank, DNB bank, Norvik bank, and Expobank.
The new change strategy, which was approved by ALCB’s members, includes structural changes and changes to context for provision of a more dynamic internal and external dialogue. Also greater engagement of the members is expected, since the council has been expanded (there are 8 members of the council when previously they were 7), the board has been expanded (3 members of the board instead of the former one), a new strategic management format has been created for participation of the banks’ senior management to work for the field’s association.
ALCB was formed 23 years ago, and since then regulatory environment of the banking field, structure of banks, and business philosophy in Latvia have changed. The financial crisis negatively affected image of banks, and also the banking sector is facing a significant increase in regulatory requirements. New challenging issues such as digitalisation of the field now occur in daily operation of the banks. In the result, an obvious necessity appears topical, namely, to review the ALCB’s strategy by taking into account both the vision of the financial sector’s development and changing environment of bank operation.