IPAS INDEXO has initiated the process of changing its depositary bank. It is planned that by the end of June 2026, the custodian functions for investment plans will be transferred from Swedbank to INDEXO Bank, which has received authorisation from the Bank of Latvia to provide depositary bank services and hold financial instruments.

As a result of the change, assets managed by IPAS INDEXO amounting to approximately EUR 1.5 billion will be transferred to INDEXO Bank. The transition will not affect IPAS INDEXO clients’ investment strategies, the size of their savings, or day-to-day communication with clients. All investments will remain fully protected and accessible in accordance with applicable regulatory requirements.

The depositary bank is responsible for the safekeeping of investment plan assets and financial instruments, which are held fully segregated from the bank’s own assets. It also oversees that asset management is carried out in compliance with regulatory requirements and the rules of the investment plans.

“Depositary services are a critical but largely invisible part of investment management for clients. In Latvia, these services are generally relatively expensive, and we see an opportunity to change this. By transferring the depositary function to INDEXO Bank, we are not only strengthening internal efficiency within the group, but also laying the groundwork for a more competitive depositary service offering in Latvia,” says Artūrs Roze, Member of the Management Board of IPAS INDEXO and pension fund manager.

It is expected that performing depositary functions within the group will generate additional annual revenues of EUR 0.7–0.8 million for the INDEXO Group, enabling continued investment in technology, processes, and service quality.

At the same time, INDEXO Bank plans to develop its depositary service offering for other institutional clients, providing a secure, transparent, and competitive solution for the safekeeping of financial instruments.

About INDEXO financial services group           

INDEXO is a financial services group that includes pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, IPAS VAIRO, as well as INDEXO Bank and AS DelfinGroup.                

The pension management companies within the INDEXO group in Latvia offer modern 2nd and 3rd pillar pension plans. More than 159 thousand clients entrust the group with managing their pension savings totaling more than EUR 1.56 billion.     

INDEXO Bank, a credit institution licensed by the European Central Bank, serves more than 54 thousand clients, with total client deposits amounting to EUR 83.6 million and EUR 66.7 million in loans.                           

Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with almost 7 800 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services. For more information visit www.indexo.lv.          

DelfinGroup is a licenced fintech company established in 2009 and currently operating in Latvia and Lithuania. The company operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of pre-owned goods online and at more than 80 branches across Latvia. For more information visit www.delfingroup.lv.