JSC „SMP Bank" was established as JSC "Multibanka" and registered in April 1994.

JSC "Multibanka" predecessor - Latvian branch of the Bank for Foreign Economical Affairs of the USSR - was founded in 1988, but in 1991 it was nationalized and became the Foreign Operations Department of the Bank of Latvia.

In the year 1995 JSC "Multibanka" merged with Joint Stock Company "LNT Skonto Banka".

In the year 1995 the Bank became the member of S.W.I.F.T, started using Reuter's information system, thus ensuring technical support of FOREX and Money Market operations.

In November 1996 the Bank acceded to EUROPAY INTERNATIONAL, the latter reorganized into "MasterCard International" in the year 2002. Based on the above cooperation, JSC "Multibanka" offers to its customers a wide range of the card products.

The Bank is a member of the Association of Commercial Banks of Latvia, Riga Stock Exchange and Central Depository.

A Head office of the Bank is located in Riga. In addition to the Head office and 7 settlement offices in Riga the Bank has also settlement offices in Liepaja, Ventspils and Olaine as well as representative offices in Russia (Moscow and Yekaterinburg) and Ukraine (Kiev).

Auditor of the Bank is KPMG.

Equity capital of the Bank, initially amounting 300 000,- LVL, as a result of the repeated share emissions, the last taking a place in September 2004, has been increased up to 7 006 200,- LVL.

The Bank' development in the first ten years is characterized by the gradual, without acute fluctuations, growth of all the qualitative and quantitative performance ratios. The Bank ranked in the middle of the List of rating made by the Association of the Commercial Banks of Latvia. As a consequence of the crises, caused by the actions of the US authorities, the Bank lost temporally its market share, though continued to work in a normal operating regime, always complying with all the specified prudential standards and meeting all the obligations towards its customers and business partners.

 Dated June 17, 2008, the Bank has been officially registered under the name of JSC "SMP Bank". These changes result from the acquisition of stock control in Joint Stock Company SMP Bank by SMP Bank (Commercial bank Severniy Morskoy Put), headquartered in Moscow, Russian Federation, which came into effect on  May 6, 2008.

Presently, the Bank is expanding its business activities, contemplating on regaining the lost market share.    

In line with the residential business oriented strategy, the Bank focuses mainly on small and medium size corporate customers, operating in such areas of economy as construction, forwarding and transshipment services, trade and tourist industry.

The main customers groups of the Bank are the following:

• small and medium size Latvian companies, including those, involved in international trade (intermediary services), export-import cargo transportation;
• physical persons (residents and non-residents);
• small and medium size companies from OECD and Baltic region having their business counterparts or investments in Latvia or CIS countries, as well as physical persons related to the above companies;
• small and medium size Eastern-European and the CIS countries companies, providing trade and transit services in the Baltic Region as well as physical persons related to the above companies.

At present JSC "SMP Bank" renders all services pertinent to the universal bank in the Latvian market:

• multicurrency accounts;
• cash operations;
• issuing and servicing payment cards;
• deposit operations;
• escrow accounts servicing;
• collection services;
• lending operations;
• leasing operations;
• documentary operations;
• hedging operations;
• currency conversion operations;
• finance instruments accounts opening;
• investment portfolio servicing and management based on the trust agreement.