Tīna Kukka, the current Supervisory Board Member of the pension management company IPAS Indexo (hereinafter – INDEXO), has decided to join the Management Team of INDEXO to add her considerable finance and change management expertise to the new banking initiative of INDEXO. She thus steps down from her Supervisory Board role. The Supervisory Board of INDEXO will continue with its current other four Members and Mrs Kukka will be replaced at the next Regular General Meeting.
Tīna Kukka, a banking and finance executive with more than 20 years of Board-level experience in the Latvian and Baltic banking industry, will lead the development of the finance function of the new INDEXO bank project and will support the preparatory efforts in applying for the banking license.
“Tīna has lead the finance competence at some of the largest Baltic banks through virtually every stage of development – from initial market growth to consolidation and transformation. She brings a wealth of knowledge and inspiration to our new banking team, that is now almost complete for every key function, including IT, marketing, compliance, retail and now – finance,” says Valdis Siksnis, one of the founders of INDEXO and Chairman of the company’s board.
T. Kukka is known in the Baltic banking industry for her work on the Latvian Swedbank Board from 1999 to 2008, where she was responsible for finance and investment management, as well as for her other management positions in a number of other banks in subsequent years. In addition to consulting engagements, recently she has also been entrusted with Supervisory Board positions at the Electronic Communications Office of Latvia, a state company, and the Riga East Clinical University Hospital, the largest healthcare institution in Latvia. She is a graduate of the Stockholm School of Economics and has held a license of a Chartered Financial Analyst (CFA).
“The vision of the INDEXO bank motivated me to return to the executive role in the banking industry – I am looking forward to combine the disruptive spirit of INDEXO with the opportunities afforded by modern banking finance,” says Tīna Kukka.
Earlier this year INDEXO conducted its IPO where it successfully met its investment target of EUR 7.49 million and the company’s shares were oversubscribed by around EUR 2.5 million. In the IPO, investors acquired the pension management company’s shares, and it is planned that the new INDEXO bank will be a subsidiary of the pension management company. INDEXO shares were listed on July 15 on Nasdaq Riga Baltic Main List. The ticker symbol of INDEXO shares in IDX1R.
By the end of this year INDEXO plans to submit an application to receive a license for the commercial bank in accordance with laws and regulations and will start phasing in banking services upon receipt of the license – starting with retail banking services, which will be followed by services also to corporate clients.
Bank (credit institution) license is subject to authorization granted by European Central Bank based on Financial and Capital Market Commission’s (FCMC) proposal.