11% of Latvian entrepreneurs consider changing their bank, while among exporters the figure reaches 14%, according to a survey conducted by the market and public opinion research centre SKDS on behalf of INDUSTRA BANK.

The main reasons for considering a new financial partner are risk diversification and the attitude of their current bank.
To understand entrepreneurs’ readiness to change their bank and the reasons behind it, INDUSTRA BANK commissioned a survey from SKDS.

11.3% of respondents said their company plans to open an account with another bank or switch banks within the next year, while a further 13.8% were undecided.

Raivis Kakānis, Chairman of the Board of Industra Bank, comments: “Medium-sized companies in Latvia, particularly those engaged in export, often feel that their needs are not fully understood by large systemic banks. The findings of the SKDS survey confirm this perception.
Export-oriented businesses face unique challenges — especially when entering new markets outside familiar Europe. This is where Industra Bank’s strength lies: our ability to understand each client’s specific situation, to remain flexible, and to offer tailor-made payment solutions.
We also help clients develop robust internal control mechanisms — a time-consuming yet essential aspect, particularly for exporters working with non-EU markets. Not all businesses have the same needs, and not every bank can meet them. As a specialised local bank, we can do what the large systemic banks often cannot or will not.”

The SKDS survey revealed that the strongest interest in changing banks comes from companies with an annual turnover between EUR 350,000 and 1 million — 15.1% of this group plan to open an account with another bank or switch banks. Among companies with a turnover above EUR 4.5 million, 13.3% are also open to this step.
Geography matters as well: while only 3.6% of Vidzeme-based entrepreneurs consider a change, the share rises to 15% among Riga-based companies.
Exporters are significantly more likely to consider switching banks — 14% of exporting companies compared with 10.2% among non-exporters.

Risk diversification and dissatisfaction with the current bank’s attitude

Among entrepreneurs willing to change their bank, the most frequently cited reasons were:

• a desire to diversify financial risks (40.4%),
• dissatisfaction with the current bank’s attitude (37.3%),
• dissatisfaction with day-to-day service conditions (32%),
• unsatisfactory credit terms (30.4%),
• the feeling that their bank does not understand their business needs (19.6%), and
• slow service speed (13.9%).

Other factors mentioned included high currency exchange fees, overly restrictive internal bank policies, business expansion beyond the EU, and a preference for being served by a locally owned bank.

About the survey:
The survey was carried out by SKDS on behalf of INDUSTRA BANK in spring and summer 2025, interviewing 750 Latvian companies selected via multi-stage quota sampling. The survey methods used were CATI (telephone interviews) and CAWI (online survey).
Entrepreneurs were asked: “Is your company planning to open an account with another bank or switch its current bank within the next year?”
Those answering “yes” were asked: “What are the reasons why your company plans to open an account with another bank or switch its current bank?”

About Industra Bank
Industra Bank was founded by local entrepreneurs, focusing its operations on serving Latvia’s small and medium-sized enterprises (SMEs).
At the end of the first half of 2025, the bank’s loan portfolio exceeded EUR 120 million, while customer deposits approached EUR 300 million.
The bank serves over 16,000 clients through service centres in Riga, Daugavpils, Liepāja, Ventspils, and Jelgava, and its services are also available remotely, from anywhere in Latvia.