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, however it was nationalized in 1991 and became the Foreign Operations Department of the Bank of Latvia.

JSC "Multibanka" merged with Joint Stock Company "LNT Skonto Banka" in 1995.

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

Bank acceded to EUROPAY INTERNATIONAL in November 1996, later (in 2002) renamed as "MasterCard International". Owing to this cooperation JSC "Multibanka" is able to offer to customers a wide range of the payment card products.

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

Head office of the Bank is located in Riga. In addition to the Head office and 11 branch offices in Riga there are branch offices also in Liepaja, Jelgava and Olaine, 2 branch offices in Ventspils, 2 in Daugavpils, as well as representative offices in Russia (Moscow and Yekaterinburg) and Ukraine (Kiev).

The official auditor of the Bank is KPMG.

Equity capital of the Bank initially was 300 000,- LVL. Due to several share emissions, last of them in May 2010, the equity capital has been increased up to 8 006 200,- LVL.

Performancet ot the Bank is characterized by gradual, without acute fluctuations, growth of all the qualitative and quantitative performance ratios. Bank takes a stable positions in  Latvian financial services market. 

Bank complies with all legislative requirements and norms related to business activities as well as to preventing money laundering and financing terrorism.

Bank is expanding it's business activities in line with the business strategy that is targeted at increasing domestic customer base. Bank focuses mainly on small and medium size corporate customers, operating in such areas as construction, forwarding and transhipment services, and trade, as well as tourism.

On June 17, 2008, 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.

The main customers groups of the Bank are:

• 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.

Nowadays JSC "SMP Bank" is offering all services inherent to the universal bank in Latvia:

• 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.