IPAS Indexo, a pension management company (hereinafter referred to as INDEXO), which has submitted application documents for obtaining a new banking license for INDEXO Bank, has received confirmation from the Bank of Latvia and the European Central Bank that the submitted documents by INDEXO are complete. The Bank of Latvia also indicates that the expected deadline for the final decision on the application is April 22 of this year.

"For the past two years, these are the first weeks when the INDEXO team is not dealing with banking licensing issues because all questions have been answered, and documents have been submitted. Now, we are awaiting the decision of the European Central Bank and hope that the regulator will not need time until April 22. We have been in active dialogue for more than a year, and we hope to receive the license sooner than the specified deadline for document review," says Valdis Siksnis, Chairman of the INDEXO Board and one of the company's founders.

INDEXO has submitted a complete package of licensing documents for regulatory review, and the necessary capital for the first 36 months of operation of the new bank has also been secured. The new INDEXO Bank would be ready to start serving clients shortly after obtaining the license.

As previously reported, INDEXO has been developing a project for the establishment of a new bank since mid-2022. In 2023, work on a secure and modern IT infrastructure for the bank has been completed, the INDEXO Bank mobile application with all necessary integrations for impeccable customer experience has been created, and basic products for individuals - payment accounts, payments and cards, savings accounts and deposits, loans, and, of course, convenient administration of the 3rd pension level - have been developed. After obtaining the license, INDEXO Bank will start its operations by serving individuals, while services for businesses will be introduced in 2024.

About INDEXO:

INDEXO is a licensed investment management company of the Bank of Latvia that offers modern 2nd and 3rd pension level plans in Latvia. INDEXO is the fastest-growing pension manager in the Baltics by client count, with over 128 thousand clients and approximately 960 million euros under management.

INDEXO is listed on the Nasdaq Riga stock exchange with nearly 6000 shareholders and aims to strive for a better financial environment in Latvia. INDEXO's vision is to become a financial services group that provides modern, personalized services, strengthening the well-being of Latvia's residents.

Additional information is available at www.indexo.lv.

Contact information:
Ieva Bauma
IPAS "Indexo" Board Member, Marketing Manager
Email: ieva.bauma@indexo.lv
Phone: +371 28 636 789