AS INDEXO Banka receives a licence for the operation of a credit institution

Following the assessment and proposal by Latvijas Banka as the financial sector supervisor, the European Central Bank (ECB) decided on 15 May to grant AS INDEXO Banka a licence for the operation of a credit institution. The decision takes effect today, on 16 May.

"The credit institution sector of Latvia continues keeping up with the times. For the first time in more than 10 years, a licence for the operation of a credit institution has been granted to a new participant in Latvia – AS INDEXO Banka, the first Latvian credit institution licensed under the Single Supervisory Mechanism. Latvijas Banka aims to ensure quality, innovative and convenient financial services in Latvia. Meanwhile, healthy competition will contribute to the development of financial services and the entire sector," emphasises Santa Purgaile, Deputy Governor of Latvijas Banka.

AS INDEXO Banka plans to focus on providing day-to-day banking services, issuing cards, lending and accepting deposits. Initially, AS INDEXO Banka will offer its services to individuals.

During the licensing of AS INDEXO Banka, Latvijas Banka provided all necessary advisory support to ensure the complete documentation needed for receiving the licence and comply with the requirements governing the operation of a credit institution. Latvijas Banka will supervise the operation of the new credit institution.

10 credit institutions and 4 branches of Member State banks are currently operating in Latvia.