Aizkraukles Banka Introduces New IBAN Client Account Numbers

July 23, 2004 / Banking

In line with unified European standards, Aizkraukles Banka implemented a new client accounts numbering system (the IBAN, or International Bank Account Number system) on July 5 of this year.

By the end of 2004, all Latvian banks and financial institutions will be implementing unified standards and principles in terms of client account numbers for domestic payments and international transfers. The new IBAN-format account numbers will be recognised throughout Europe.

For the convenience of its clients, Aizkraukles Banka has established a transition period which will last until the end of the year — December 31, 2004. During this period, the bank will accept transfer orders both with the old and with the new (IBAN) account numbers. Beginning on January 1, 2005, however, all accounts at Aizkraukles Banka will be identified exclusively with the new IBAN numbers. Clients who receive a new IBAN number should report it to their business partners, and they should also seek to learn the IBAN numbers of those partners.

Ask the bank for your new account number

Clients can visit any bank branch to learn their new IBAN number, they can ring the bank’s Client Services Line on 777-5555, or they can visit the Aizkraukles Banka Internet site at www.ab.lv.

In line with the IBAN standard, bank account numbers in Latvia will now have 21 characters. The first two will refer to the code of the country. The second will be a control combination which applies to the individual number of the account. The next four characters will identify the bank, and the subsequent 13 will be the actual account number. An IBAN-standard number from Aizraukles Banka might look like this: LV35AIZK0001110030289.

At www.ab.lv, clients can also check to ensure that any IBAN-standard account number in the European Union has been recorded properly.

Aizkraukles Banka — a leading bank in mortgage lending

Aizkraukles Banka specialises in mortgage lending. In the first five months of this year, the bank’s mortgage loan portfolio increased by 173.2% — the highest increase in lending among all Latvian commercial banks.

For more information: Janis Bunte, 777-5432, 6-467161