The European Central Bank has decided to grant a banking license to the subsidiary company of IPAS Indexo, IDX1R AS, which will be renamed AS INDEXO Bank after obtaining the license. It is planned that the new bank will commence its operations this summer, with the exact date to be announced in the coming months. Initially, INDEXO Bank’s services will be offered to private individuals, while services for businesses will be introduced a bit later – within 6 to 9 months after the commencement of operations.

The banking license granted to INDEXO Bank is the first issued in Latvia since 2011 and marks the first banking license in Latvia issued after Latvia’s accession to the Eurozone, with the involvement of the European Central Bank.

“Obtaining the banking license is a significant step – it’s like passing an exam for which we have been preparing for the past two years. The licensing process was complex, as it was the first since Latvia’s entry into the Eurozone, and consequently, the final decision was made by the European Central Bank. Thank you to the specialists at the Bank of Latvia for delving into all the details of the process and for their consultations, without this, achieving positive result would not have been possible.

However, the most important work begins now, as we implement banking services in practice and reach out to our future clients. The level of technical readiness is very high – ranging from mobile application and new banking products to payment, technology and customer service infrastructure. We will immediately start piloting services in a narrow customer segment, which was not possible without a license. We hope that INDEXO Bank will commence full-fledged operations this summer,” says Valdis Siksnis, Chairman of the INDEXO Board and one of the founders.

INDEXO Bank will positively differentiate itself in the Latvian financial market with the ease of use of its services and innovative products, offering new opportunities and more favorable conditions for clients. The central management tool for the new INDEXO Bank’s services will be a modern mobile application, and the only customer service center will be located in the Verde office complex in Riga, where the bank’s central office will also be situated.

More details about the operations of INDEXO Bank will be announced in the coming months.