After receiving approval from the Bank of Latvia and the European Central Bank, as well as the consent of the Competition Council, the transaction was completed on December 11, 2023, in which the previous sole shareholder of JSC “LPB Bank”, “Mono” Ltd, sold all its shares to the local investment bank JSC “Signet Bank”.
As a result of the transaction, the owners and true beneficiaries of JSC “LPB Bank” will be changed. There are also planned changes in the management institutions that will ensure the bank’s continued operation and development by the strategy and development goals of the Signet Bank group.
After the transaction with JSC “Signet Bank,” JSC “LPB Bank” will continue to operate as an independent credit institution, maintaining its existing banking license. The transaction will strengthen the financial system of the Republic of Latvia, incorporating it into a corporate group that prides itself on impeccable reputation, significant industry experience, and strong financial resources.
JSC “LPB Bank” will continue to offer high-quality e-commerce financial and FinTech services, focusing on the needs of businesses. These changes are a significant step in the bank’s development and ability to provide competitive services in its sector.
Biomin Kajem, Chairman of the Council of JSC “LPB Bank”, comments on the bank’s sale decision: “It’s time for change – 15 years is a long period and a significant basis to take a thoughtful and conscious step forward. Assessing all our resources, desires, and vision for the development of “MONO” Ltd., we decided to sell the bank’s shares, which admittedly was not easy. This followed many years of cooperation and joint work with the JSC “LPB Bank” team. Some employees have worked side by side for more than ten years, contributing jointly to the bank’s activities and development.
This sale is a historic moment for “MONO” Ltd. and an opportunity to open a new page where we can follow our visions and goals with even greater passion while giving JSC “LPB Bank” the chance to continue to grow and develop in a new, innovative, and dynamic environment. It is when we can proudly reflect on our accomplishments and look to the future optimistically, taking on new challenges and opportunities.
As a firm owner, we are confident that the Signet Bank group will provide JSC ‘LPB Bank’ with the opportunity to grow and expand its services in the digital finance sector.
I want to express my gratitude to all customers for the trust and support they have shown over the years. I assure you that the current changes will positively affect the further development of JSC “LPB Bank”. The bank’s priority remains to ensure the financial success of its clients, and the bank will continue to work to achieve this, maintaining high standards of quality and service delivery.”
“The LPB Bank transaction stands as one of several strategic moves for Signet Bank Group, unlocking growth opportunities in FinTech. Innovative and efficient, high-tech digital financial solutions are the driving force of the future in the banking sector, and integrating LPB Bank digital investments will elevate Signet’s high-tech financial solutions, effectively addressing market gaps in Latvian finance. There is still a lack of banking products in Latvia that are focused on serving FinTech companies and driving innovation in the financial system. This transaction is poised to modestly impact the current landscape while playing a pivotal role in shaping the future development of Signet Bank Group,” says Roberts Idelsons, Chairman of the Board of Signet Bank.
