The bank was founded on 17 September 1993 on the basis of the Bank of Latvia regional branch in the city of Aizkraukle, thus the bank was named "Aizkraukles Banka".

In 1995, there were changes made to the bank’s shareholding structure: Ernests Bernis and Oļegs Fiļs, became the bank’s shareholders and executives, and have been working solely in this field since then. Also in 1995, the bank started expanding its activities and founded a branch in Riga.

In the following years, the bank actively worked in the field of providing services to foreign customers, offering them various bank products, mainly related to making payments, and became a notable player in the financial market. The bank was one of the first in Latvia to start development of different remote service channels, thus improving service level and ensuring rapid growth.

In 2002, AB.LV trademark was created.

In 2004, the bank focused on developing second line of its primary activities – investment management.

Two subsidiary companies were founded: IPAS "AB.LV Asset Management", dealing with investment management, and IBAS "AB.LV Capital Markets", which provided brokerage services.

In 2008, the bank adopted new strategy, emphasizing development of bespoke financial solutions for customers.

Since 2009, the bank offers third line of services — advisory.

In 2011, the bank’s name was changed to ABLV Bank, AS.

ABLV Bank, AS is the largest independent private bank in Latvia. The bank’s controlling interest is held by Ernests Bernis and Oļegs Fiļs. The bank’s other shareholders include top management, employees, and the bank’s long-term partners and customers.

In the beginning of 2018, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released a statement, in which the bank was accused of misconduct, basically stopped the operation of ABLV Bank. Soon the Council of the Financial and Capital Market Commission made a decision on unavailability of deposits, after which, on 26 February 2018, at an extraordinary general shareholders’ meeting of ABLV Bank a decision about voluntary liquidation was made.