Following obtaining of the Financial and Capital Market Commission and the European Central Bank approval, a transaction was completed under which the former sole shareholder of AS Expobank Igor Kim sold all his shares to Signet Bank AS. The parties agreed to keep the terms and price of the transaction confidential.
Following completion of the transaction both banks will merge later in 2022. The merged bank will continue to operate under the Signet Bank brand and implement the current strategy of Signet Bank – servicing Latvian entrepreneurs and their companies with an emphasis on financing and investment management solutions.
Chairman of the Board of Signet Bank Roberts Idelsons: “With the acquisition of AS Expobank, Signet Bank strengthens its position in the domestic market, gets the opportunity to increase business volumes and acquire additional infrastructure for further successful development. The Latvian banking sector is undergoing an evolution in which we see opportunities for consolidation in order to create an even stronger bank with local capital, offering a wide range of services and financial solutions to local businesses.
Through its clear vision of the future of the financial market, the Financial and Capital Market Commission has become a strong partner for the evolving banks, which also contributed to the successful completion of this transaction. In 2021, Signet Bank provided its clients with EUR 200 million in financing in the form of bond issuances and loans. Following the completion of the merger with AS Expobank, we are committed to making an even greater contribution to the financing of Latvian companies.”
Chairman of the Board of Directors and shareholder of AS Expobank Igor Kim: “We are pleased to be able to entrust assets to a high-skilled, experienced and stable partner. In turn, we plan to allocate capital to the development of "Экспобанк" (Russia) as well as to new projects in Asia.”
Until the merger, Signet Bank and AS Expobank will continue to function as separate credit institutions, so at the moment there will be no changes in the daily customer service. AS Expobank customers will receive information timely on the planned changes during 2022.
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.