The pension management company IPAS Indexo (hereinafter – INDEXO), which is currently working on establishing its banking operation, from 1st of November will add Vladimirs Bolbats to its leadership team to lead the development of its retail banking offering. V. Bolbats brings a wealth of experience in retail banking and financial services from his more than 10 years at Swedbank AS, where he has served as both the Head of Daily Banking division and Head of Savings and Insurance division for the Baltic states.

Vladimirs Bolbats will work on the INDEXO future retail banking offering, including its overall retail service strategy and daily banking product development, payments, savings and other.

“Vladimirs joins us at a crucial moment as right now we are building the future INDEXO bank. We are currently making significant progress on our IT, structure and financial governance pillars of the future bank and Vladimirs contribution will be essential in creating the retail services of the INDEXO bank. Our strategy for retail will be to bring modern simplicity, intuitive convenience and sincere, friendly attitude in service and products,” says Valdis Siksnis, one of the founders of INDEXO and Chairman of the company’s board.

Vladimirs Bolbats started his professional career at EY from 2006 to 2008, where he gained experience as a Senior Consultant in Advisory Services. After EY he joined Swedbank AS where he advanced his career in a variety of roles. Vladimirs is a graduate of the BA School of Banking and Finance (Banku Augstskola) and also holds an EMBA Degree from the Stockholm School of Economics in Riga.

“This is a fascinating time to join INDEXO, as we now have the opportunity to build a completely new bank, that will incorporate the best contemporary practices of the banking industry. We do not have the legacy baggage of the existing banks and therefore we can look to the future in bringing modern everyday financial services to people in Latvia,” says Vladimirs Bolbats, Head of Development of INDEXO Retail Banking Segment.

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.