As of 1 July 2026, INDEXO Bank has taken over the depositary bank functions for the investment plans managed by IPAS INDEXO from Swedbank. INDEXO Bank has received authorisation from Latvijas Banka to provide depositary services and hold financial instruments. 

As a result of the transition, approximately EUR 1.5 billion in assets managed within IPAS INDEXO’s second-pillar pension plans have been transferred to INDEXO Bank. The change has not affected IPAS INDEXO clients’ investment strategies, the value of their savings, or day-to-day communication with clients. All investments remain fully protected and accessible in accordance with applicable regulatory requirements. 

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

“Depositary services are essential, though largely invisible, part of investment management from the customer’s perspective. By successfully taking over the depositary function, we have taken an important step forward in the development of the INDEXO group. This allows us to manage the group’s resources more efficiently while creating a foundation for the development of a more competitive depositary services offering in Latvia,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank. 

Performing the depositary function within the group is expected to generate an additional EUR 0.7–0.8 million in annual revenue for the INDEXO group, enabling continued investment in technology, processes, and service quality. 

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

About the INDEXO Financial Services Group 

INDEXO is a financial services group comprising the pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, INDEXO Asset Management IPAS (formerly VAIRO), as well as INDEXO Banka and DelfinGroup.

The INDEXO Group's pension management companies offer modern 2nd and 3rd pillar pension plans in Latvia. More than 161 thousand customers entrust the Group with the management of their pension savings, totalling EUR 1.7 billion.  

INDEXO Banka, a credit institution licensed by the European Central Bank, currently serves more than 62 thousand customers, with total deposits of EUR 121 million and a loan portfolio of EUR 100 million.  

Founded and based in Latvia, INDEXO is listed on the Nasdaq Riga stock exchange with more than 8,000 shareholders and bondholders. The company's mission is to fight for a better financial environment in Latvia and to strengthen the well-being of Latvian residents by providing modern and personalised financial services. Further information is available at www.indexo.lv.  

DelfinGroup is a licensed Latvian fintech company founded in 2009 and currently operating in Latvia and Lithuania. The company operates under the Banknote and VIZIA brands. DelfinGroup has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of used, pre-owned and new goods in more than 80 branches across Latvia and online. Further information is available at www.delfingroup.lv. 
 
Contact information: 
Ieva Bauma 
Head of Marketing and Communications at INDEXO 
E: ieva.bauma@indexo.lv 
T: +371 28 636 789