INDEXO Bank is currently successfully completing the final service operation tests and will commence its operations on August 28, initially offering services to private individuals in Latvia. From August 28, Latvian residents will be able to become bank clients using a completely new mobile application. From the very first day of operation, bank clients will have access to a range of innovative financial products, as well as all daily banking services. The goal of INDEXO Bank is to awaken competition in the Latvian financial market both in daily services and lending.

"The problem with the Latvian financial environment and the entire economy is the low level of the competition in the banking sector – there are many banks, but active competition among them cannot be felt. Innovations have ceased, and the most advantageous solutions are no longer offered to the clients. According to data from the European Central Bank, in the first quarter of this year, in terms of the volume of loans to GDP Latvia was ranked as the last in the European Union. In Latvia, loan ratio was 28%, while the EU average was 82%, and in Estonia – 59%. Without any changes, Latvia will continue to straggle behind its neighbours and will not reach EU's average prosperity level for a long time. We have already disrupted and awakened the previously stagnating Latvian pension management sector, and now it is time for the banking sector," says Valdis Siksnis, one of the founders of INDEXO and the Chairman of the Management Board of the new INDEXO Bank.

INDEXO team invites everyone to join the opening event of the new bank, which will be broadcast live on August 28 at 9:00 AM. Registration for the new bank's opening event can be done here:  www.indexo.lv/bankas-atklasana

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 manager in the Baltics by number of clients with more than 136 thousand customers and more than 1.16 billion euros in management and a company listed on the Nasdaq Riga stock exchange with close to 6,000 shareholders.    

INDEXO Banka, part of INDEXO Group, has obtained a license to operate the credit institution and plans to start providing financial services on August 28. INDEXO is fighting for a better financial environment in Latvia, and our goal is to become a financial services group that empowers Latvia’s people to achieve prosperity by providing modern, personalized services. Additional information is available at www.indexo.lv.  

         Contact Information:
         Ieva Bauma
         INDEXO Head of Marketing and Communications
         E: ieva.bauma@indexo.lv
         P: +371 28 636 789