Pension management company IPAS Indexo (hereinafter – INDEXO) that is presently developing a new commercial bank and has submitted its application for obtaining a banking license, has received a letter from the Bank of Latvia, which informs that the Bank of Latvia and the European Central Bank acknowledge that the documents submitted by INDEXO are complete, and the Bank of Latvia has started the review process. The Bank of Latvia says in the letter that the deadline for reviewing the application is December 13, unless additional information is required.

The Bank of Latvia also said that during the document review process, the Bank of Latvia and the European Central Bank might have additional questions to clarify the contents of the documents.

“The new INDEXO bank is almost ready. In a year we have done a significant amount of work. We have built a team of professionals, we have developed the necessary policies and processes, we have created the banking product offer. Also, we have introduced the necessary technological solutions, and, for example, at present we are already testing the bank’s mobile application with “game money”. Technically, we will be ready to open the new client accounts very soon after the banking license is issued,” said Valdis Siksnis, Board Chairman and one of the founders of INDEXO.

“Cooperation with the Bank of Latvia has been considerable, and in the licensing process we had to prove full readiness for banking operations. It has been a useful job, that brings us closer to actual launch of operations after receiving the license,” said Siksnis.

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