Today, on November 29, Prof. Indriķis Muižnieks, the rector of the University of Latvia and  Dr. Liga Peiseniece, the rector of BA School of Business and Finance, the Councils of both universities signed an intention agreement about the integration of BA School of Business and Finance into the ecosystem of the University of Latvia (LU).

 The reform of higher education aims to strengthen science and improve the quality of higher education. Joining a science university with a strong niche higher education institution helps to reach both.

Signing of the intention agreement about the integration of BA School of Business and Finance (BASBF) into the ecosystem of the University of Latvia (LU)

© Photo: Toms Grinbergs, LU Department of Communications

From the left: Chairman of the Council of LU Ivars Kalvins; rector of LU Indrikis Muiznieks; rector of BASBF Liga Peiseniece; Chairman of the Council of BASBF Martins Bicevskis.

“We have agreed on a very prospective objective – we have a lot of common interests, and the cooperation will allow us to create a Baltic – wide competitive business school that will be oriented towards a vast- range stakeholders. Business, in cooperation with other faculties, will bring scientific achievements, prosperity and economic development,” told Prof. Indrikis Muiznieks. the rector of University of Latvia during the process of signing the intention agreement.

In order to take a balanced and considered decision which science university BA School of Business and Finance could seek the integration into, it conducted a thorough analysis attracting experts and coordinating activities with the financial sector.

Martins Bicevskis, the chairman of the Council of BA School of Business and Finance comments: “The impact of the financial sector on the national economy is significant. The BA School of Business and Finance prepares highly valued and demanded specialists. It was therefore important for us to maintain the quality of financial education and to respect the standards of good corporate governance, so that it is a contribution to the whole reform of universities. In choosing a partner, it was important to understand that BA School of Business and Finance is not a bride with a dowry but a significant centre of financial and business competence with an ambition to expand its activities throughout the Baltic region.”

By integrating into the ecosystem of the University of Latvia, the BASBF will retain its brand, autonomy, decide on the selection of academic staff, as well as choose competitive study programs, cooperation agreements with other universities to provide internationally recognized diploma. Scientific research carried out in the fields of finance, sustainability, and cybersecurity at BA School of Business and Finance will be developed further.

Dr. Liga Peiseniece, the rector of BASBF confirms: “As a result of a well-considered and balanced process, we came to a decision, which was almost unanimously supported by the Senate and the Constitutional Assembly.  We see the development of financial education in synergy with the University of Latvia. By combining the achievements of the BASBF with the support from the University of Latvia for the future vision of the BASBF, the primary beneficiaries will be students. We see the development potential as a financial education leader and centre of competence, which the University of Latvia supports.”

Today signed agreement envisages that both universities will coordinate their preparation work with each other to develop a potential plan for the integration of the BASBF into the ecosystem of the University of Latvia to attract funding for its implementation including the preparation of consolidation project under Recovery and Resilience mechanism which is scheduled to be completed by August 31, 2025.

About University of Latvia

The University of Latvia has consistently been Latvia’s national, leading and most influential university. It is the largest large-profile university in Latvia, which has an important place not only in the development of the entire education system but also in the overall economic growth of the country. Currently, the LU Academic Centre is being developed in Tornakalna, which will become one of the most advanced student and research centres in Northern Europe. The House of Nature and the House of Science are located there. In the coming years, the territory of the Academic Centre will be augmented by the House of Letters.

About BA School of Business and Finance

The BA School of Business and Finance is a state-founded, internationally recognised higher education institution, which has been one of the most recognizable Latvian business schools for 30 years. It is currently implementing 12 accredited professional higher education study programs in the fields of business management and financial education at all cycles in Latvian and English.

More than 12 000 graduates from the BASBF have entered the labour market for the Latvia’s economy, many of whom are managers of companies and experts in industries that are widely recognised in Latvia and Europe.