Signet Bank and Expobank merger process is completed

On July 11, 2022, after receiving the approval of the Financial and Capital Market Commission and the European Central Bank, the merger transaction between Signet Bank AS and AS Expobank was completed.

The merged institution will operate under the brand of Signet Bank, implementing the Signet Bank’s current strategy – servicing Latvian entrepreneurs and their companies, with an emphasis on providing financing and investment management solutions.

By combining the knowledge, experience, customer base and infrastructure of both banks, a good synergy is formed, allowing Signet Bank to further strengthen its position in the domestic market. With this double power, we will continue to develop corporate and investment banking services, making a greater contribution to the financing of Latvian companies both through loans and bond issues, as we see good potential and development opportunities in this segment.

Roberts Idelsons, Chairman of the Board of Signet Bank

In 2018, the banks that had previously focused on foreign customer service started changing their business models, and the FCMC forecasted consolidation as one of the banking business development lines of this segment. We are pleased that Signet Bank AS and AS Expobank have been able to take such a step to preserve the expertise acquired by both banks and provide a more competitive business model in the future, thus strengthening Latvia’s banking sector.

Santa Purgaile, Chairwoman of FCMC

After the merger with AS Expobank, the total lending portfolio of Signet Bank will reach EUR 96 million, and the amount of deposits will be EUR 368 million.

About Signet Bank

The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital management and structuring of investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.