Even in the current economic situation, Riga still has the potential to become a regional finance centre with global significance

October 7, 2008 / Banking

The LL.M in Law and Finance Master’s Programme provided by the Riga Graduate School of Law (RGSL) and supported by Aizkraukles Bank (AB.LV) will be the first one in Latvia and rare in all Europe that will prepare the highest level specialists both in law and finance sphere. Those specialists will be able to find best solution to cope with financial crisis. 

As today’s Global and also Latvian economy is characterised by instability and changeability, the interaction between the legal sector and financial sector creates a demand for professionals who are proficient in both fields. That is why the goal of the new programme is to provide interaction of those both spheres and develop Riga as a regional financial centre.

Until now the financial services sector of Latvia has undergone a relatively favourable development, marks Luc Nijs, an AB.LV lecturer in Investment Banking and Finance at the Riga Graduate School of Law. At this tough time we have to consider several factors which are crucial in the competition struggle going forward.

‘Firstly, a well-educated workforce in the financial services sector and related sectors; secondly, strong and consistent legal standards, as well as fully-developed judiciary; thirdly, a well-developed international taxation policy and beneficial tax contracts; fourthly, a transparent crystal market infrastructure, which is closely interlinked with the international situation and enable support for business; fifth, consistent ambitions to develop a regulatory and governmental environment in Latvia based on the highest moral and ethic principles, as well as supportive monetary policy,’ says Luc Nijs.

Waleed Gumaa, Director of the LL/M in Law and Finance explains, ’A major aim of the programme is to provide world-class education and research in Law and Finance, in-line with industry development and activities. We highly value our cooperation with Aizkraukles Bank due to this institution’s perception and awareness that today’s education and research provides a platform for generating numerous indispensable business innovations. Bank provides the school with a necessary platform by sharing its extensive practical experience and its views on future perspectives.’

In 2008 The Riga Graduate School of Law and Aizkraukles Bank concluded a cooperation agreement in order to pool their intellectual resources, theoretical knowledge and practical experience thus facilitating interaction between a productive academic environment and banking sector.

Vadims Reinfelds, Chairman of the Board of AS „Aizkraukles Bank” accents: ‘Cooperation with the school is our investment to develop Riga as a financial centre of region. We consider support for education to be a stable and valuable long-term investment of economic terms. We wish to give students an opportunity to obtain practically applicable knowledge. Law and finance is unique programme as it combines legal and financial education enabling us to train highly competent and market-oriented professionals.’

This cooperation will involve conducting and publishing research and analytical materials, organising conferences for finance industry professionals from The Baltics and also Central and Easter European countries, as well as holding round table discussion with the government of Latvia in order to analyse the potential challenges this industry faces to propose viable solutions.

The LL.M Law and Finance Master’s Programme started from 2008.

Jānis Bunte
AS "Aizkraukles banka"
PR Specialist
Phone: +371 67 77 54 32; fax: +371 67 77 54 15
E-mail: janis.bunte@ab.lv