AS IDX1R, IPAS Indexo (hereinafter – INDEXO) subsidiary that will become the INDEXO Bank in the future after obtaining a banking license, has filed a request with the Commercial Register to register the new composition of the Management Board and the Supervisory Board of IDX1R AS. The changes provide that Valdis Siksnis will become the Chairman of the Management Board of the company and the future INDEXO Bank. Valdis Vancovičs will be elected Chairman of the Supervisory Board. 

Other members of the Management Board of the newly established INDEXO Bank will be Tina Kukka, who is currently the manager of the bank's licensing project and will later be the bank's CFO, Vladimirs Bolbats, who is responsible for the development of the bank's retail services, Gints Ozoliņš, whose expertise is technology development, Evija Sloka, who will be the bank's risk manager, Ieva Margeviča, as marketing and communication manager, and Līga Katrīna Kļaviņa, who will head the bank’s compliance.

Valdis Siksnis has more than 20 years of experience in the financial industry, including ten years as the Head of the Latvian branch of Nordea Bank. In 2017, Valdis and his associates founded an innovative pension management company IPAS INDEXO, which fostered competition in the Latvian pension market and is now by far the fastest-growing pension fund management company in Latvia. Valdis is also a Partner at Callidus Capital, a corporate finance firm, and has previously served on the boards of Nordea Bank Polska, Latvijas Piens Ltd, the Association of Latvian Commercial Banks, the American Chamber of Commerce in Latvia, and the Swedish Chamber of Commerce in Latvia. Valdis is also currently a member of the Latvian Basketball Association’s Supervisory Board. 

Tina Kukka, the bank's future CFO, has previously worked at several leading Latvian commercial banks, including more than ten years as a Board Member of Swedbank Latvia, and later became involved in the management of Parex banka during its restructuring process, which involved the separation of the bank's assets and the establishment of a new bank. Kukka also worked for several years on the merger of the Baltic operations of DNB Bank and Nordea Bank, which resulted in the creation of Luminor Bank. Vladimirs Bolbats, Head of Retail Services at the future INDEXO Bank, worked for 13 years at Swedbank, where he led the launch of a number of financial services and innovations, such as contactless payment cards, instant payments, and introduction of Robur investment funds, among others.

Gints Ozoliņš, the bank’s Head of Technology, has more than 25 years of experience in banking, telecommunications, and IT services industries. He has worked for several large companies in the Baltic countries and Sweden. Ieva Margeviča, the Head of Marketing and Communications of the future bank, will bring to the new financial institution and management team her expertise, that she previously strengthened at the energy company Enefit and Latvijas Pasta Banka. Ieva is also currently a board member of IPAS INDEXO pension management company.

Liga Katrīna Kļaviņa, who will be the bank's future Head of Compliance, has a CAMS certificate (USA) in anti-money laundering management and has more than 15 years of professional experience in both banking and fintech companies. Evija Sloka – the bank’s future Head of Risk - has worked in the Latvian commercial banking sector for more than 30 years, including as a board member of Expobank responsible for financial and internal control functions, and at Swedbank as head of credit risk control and internal audit.  

In addition to the Chairman of the Supervisory Board, Valdis Vancovičs, the future members of the Supervisory Board of INDEXO Bank will be Svens Dinsdorfs, who will be the Deputy Chairman of the Supervisory Board, Renāts Lokomets, Ramona Miglāne and Ivita Asare.

Valdis Vancovičs is a business leadership professional with more than 20 years of experience in the telecommunications industry. Svens Dinsdorfs has 20 years of experience in financial management. Renāts Lokomets has more than 25 years of experience in the financial sector. Ramona Miglāne has more than 20 years of experience in law and is a recognized legal expert in Chambers Europe, Chambers Global, Legal500 and IFLR1000 international directories. Ivita Asare has more than 20 years of experience in banking.

After the launch of INDEXO Bank, Henrik Karmo will become the Chairman of the Board of IPAS INDEXO. He is currently a Board member and co-founder of INDEXO, who has more than 20 years of experience in financial industry and is also a supervisory board member of the Lithuanian pension management company Goindex, UAB and the Estonian pension management company Tulundusühistu Tuleva.

All candidates of the Management Board and Supervisory Board are subject to approval by the financial sector’s supervisory authorities in Latvia and the European Union as part of the licensing process.

As previously reported, in parallel to pension management, INDEXO has been actively working on a new commercial bank project and at the end of last year filed for a banking license. INDEXO is also working on the new banks’ product portfolio, development of its IT systems and risk management models as well as other matters related to the operations of the would-be bank.

Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the Bank of Latvia proposal.

About INDEXO 

INDEXO is an asset management company licensed by the Bank of Latvia, which offers modern 2nd and 3rd pillar pension saving plans in Latvia. INDEXO is the fastest growing pension management company in Latvia with more than 110 thousand customers and more than EUR 710 million in assets under management.

INDEXO was established in 2017 by a group of 30 experienced business representatives and managers with an aim to fight for a better financial environment in Latvia. INDEXO vision is to become a financial services group, offering modern and customized services that empower Latvian people to take care of their financial wellbeing.

More information available at www.indexo.lv

         Contact information:
         Ieva Margeviča
         IPAS “Indexo”
         Board Member, Marketing Manager
         E-mail: ieva.margevica@indexo.lv
         Telephone: + 371 28 636 789