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The Government of the Republic of Latvia established the state-owned JSC Mortgage and Land Bank of Latvia (Hypothekenbank – Hipotēku banka) on March 19, 1993 by Cabinet Decree No. 140. The Mortgage Bank was the only 100% state-owned commercial bank.
The objectives of the state-owned JSC Mortgage and Land Bank of Latvia and its legal status are somewhat similar to those of the two state-owned banks operating in the Republic of Latvia before World War II: Valsts Zemes banka (State-owned Land Bank). and Latvijas Hipotēku banka (Mortgage Bank of Latvia). The main tasks of these two banks were the financing of agrarian reform and the granting of long-term mortgage loans, mainly to finance construction works. Due to its business niche and contribution to the Latvian national economy, the Mortgage Bank is considered the heir and successor to the two Latvian state banks that operated before World War II. The name chosen for the bank – Latvijas Hipotēku un zemes banka (Mortgage and Real Estate Bank of Latvia) – incorporates the names of both banks mentioned above, reflecting the intention of the founders to continue their traditions.
The Bank took an active part in the development of the mortgage credit system of Latvia, the establishment and development of the mortgage-backed securities market and the promotion of mortgage-backed securities.
On December 9, 2013, the shareholder of Hipotēku banka decided to relinquish the bank's credit institution license from January 1, 2014; The Finance and Capital Market Commission approved this on December 19, 2013. Thus, as of January 1, 2014, Hipotēku banka continues its operations as the state-owned joint-stock company Latvijas Attīstības finanšu institūcija Altum (Latvian Development Financial Institution Altum).
ALTUM currently has 9 branches and 16 development program advisory centers in different regions of Latvia, providing customer services throughout the territory of Latvia.
Mission ALTUM is a Latvian development finance institution with a specific aim to develop Latvian economy and create added value. ALTUM's primary and sole function is to provide government assistance.
ALTUM's mission is to work together with its customers to help them realize their ideas and dreams and to increase the well-being of its customers and employees by jointly contributing to the Latvian economy.