Estonian banking group LHV Bank, a subsidiary of AS LHV Group, is set to shut down its branch in Latvia.

The Latvian subsidiary of LHV Bank handles small-scale activities. The branch operates with only five employees and caters to about 500 retail customers.

The bank said that the closure of the Latvian branch, which is slated to take effect on 31 March 2016, will not add significant one-off costs.

"LHV Bank has always followed the commercial interests of its customers and has been where they are. Estonian companies today require more services and support in the direction of Western-Europe and it is sensible to develop the services of the bank accordingly," the bank said in a statement.

LHV Group has a workforce of over 250, and serves over 70,000 customers. The group’s pension funds serve over 130,000 customers.

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