title: LPB (bank)
text: # LPB (bank)
  
  LPB Bank (previously Latvijas Pasta Banka) is a Latvian bank. It has stated that its focus is providing e-commerce acting as a payment service provider, fintech, business finance and brokerage services. The bank has a large proportion of non-Latvian clients.
  
  The bank is a member of the Finance Latvia Association, which representing the Latvian financial sector on a national and international level.
  
  ## History
  
  ### Foundation
  
  It was founded on 5 September 2008 and changed its name to LPB Bank on 15 December 2017. It is joint stock company 100% owned by holding company Mono.
  
  The bank head office building was initially intended for the needs of the “Aeroflot” central agency and was built between 1984 and 1991.
  
  Modris Ģelzis, one of the trailblazers in contemporary Latvian architecture, created each façade radically differently. initially, the dominant of the building's centerpiece was a Rubik's cube, counterbalanced by a traditional building element – a nearby wind vane.
  
  ### Investigations and fines
  
  It was named in the investigation into the 2014 Moldovan bank fraud scandal, together with ABLV Bank and PrivatBank It was fined 305,000 Euros for its part in this.
  
  In 2018, it was fined 2.2 million Euros by Latvia's Financial and Capital Market Commission (FKTK), 10% of its turnover, for "continuous non-compliance" with anti-money laundering and counter-terrorist financing legislation. The FCMC said, amongst other issues, that "the Bank failed to give sufficient weight to the unusually large, complex, inter-related transactions that have no apparent economic or visible lawful purpose".
  
  ### New direction
  
  In 2018, the bank submitted to the FCMC a new strategy of the operation foresees the focus of the provision of FinTech services, e-commerce, the banks reorientation from the CIS countries to the European Economic Area (EEA), OECD.
  
  