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.
