Cembra Latvia establishes itself quickly and expands team within one year

A growing Riga-based team supports the operations of Cembra, a Swiss provider of innovative financing and payment solutions. The subsidiary, Cembra Latvia, acts as technology and enabling center, supporting the whole group with professional quality services in the realms of personal loans, auto leases and loans, credit cards, invoice financing and savings products primarily targeted at the Swiss market. How did Cembra land in Latvia and what has it got planned for the future? Meryem Okluoglu, Managing Director of Cembra Latvia, and Anta Bruņiniece, HR Lead, speak of the company’s experience in employing local talent, finding suitable office space, and other key aspects of operating in Latvia.

Cembra arrived in Latvia via the acquisition of another Swiss company in 2022, gaining access to a highly qualified team of IT and service specialists, who are now employees of Cembra Latvia. Okluoglu shares that Riga offers several operational and financial advantages, particularly in terms of available talent. She notes that the company’s success is aided by the widespread knowledge of English as a second language, as well as cultural similarities. Additionally, there are numerous regulatory similarities between Switzerland and Latvia, as well as the broader European Union, which fostered a smooth journey.

Employer branding as a key step in establishing Cembra’s presence in Latvia

One of the challenges associated with Cembra’s expansion to Latvia was raising awareness of the company and establishing an employer brand since it is new to the country and offers no products on the local market. For Cembra, its chosen strategies proved to be successful, and 2024 was a year of significant growth, learning, and achievement for its subsidiary in Latvia

Bruņiniece outlines the first steps in the employer branding process, which were establishing a website with a careers page, and a LinkedIn page because LinkedIn is very important on the local market. In Latvia, employees want to know more about the company upfront, not learn about it during the interview, hence these platforms are so significant.

Cembra Latvia also partnered with Erda, a strategic HR and communications agency, to further develop the employer brand.

They are actively continuing to make the brand become familiar to Latvians by producing videos, for example. Okluoglu points out the importance of authenticity in such communications, highlighting that all the people seen in the videos are employees who agreed to take part. Parallel to this, the company is building out its wellbeing programs for the benefit of the team and volunteering initiatives to support the local community.

The efforts are paying off. While originally people asked, “who are you”, now Cembra Latvia is receiving applications from people who specifically targeted the company.

Okluoglu identifies that the guidance of the Investment and Development Agency of Latvia (LIAA) and other national entities could also be beneficial in establishing a strong employer brand, helping understand the local context and operational nuances. Joining the ABSL Latvia association for global business service centers has also been a worthwhile step for Cembra Latvia as it allows sharing experiences with other companies.

On the importance of partnering with local legal and financial advisors

The company has already benefited from the support of local partners in the process of finding suitable office space, for example. It found what it calls the perfect location close to the city center and with good transportation links for the convenience of the employees. The office is located in the Place Eleven, a class A office building in the city’s fast-developing Skanste district known for the presence of several financial service providers.

Cembra Latvia also relied on legal and financial advisors to gain an understanding of the local regulatory landscape. The professional support they provided helped the company establish strong, compliant foundations, so that its operations would not only respect but also seamlessly integrate with the nuances of local and European Union regulations.

Cembra Latvia aims to grow, establish partnerships, and further strengthen the local service industry

Satisfied with the work of the Riga office, Cembra Latvia aims to further expand the team, establish itself as an employer of choice in Latvia, and expand its service offering. In the process, it is also looking to establish partnerships on the local market because it believes that they could be mutually beneficial, as well as strengthen the broader service industry in the region, which is in everyone’s interests. It is keen to share its experience and knowledge and invites interested parties to get in touch.

Source: LIAA