From October this year, INDEXO Bank will begin attracting deposits from private individuals in Germany through the deposit platform CHECK24. This step will allow the bank to diversify its funding sources and secure financing for the continued growth of its rapidly expanding loan portfolio in Latvia. Both the Bank of Latvia and the German financial supervisory authority BaFin have approved INDEXO Bank’s right to start accepting deposits from German residents. The launch of deposit collection is planned following the completion of the technical integration and all other necessary preparatory work.
In Germany, INDEXO Bank will offer the same standard fixed-term deposit products that are already available to customers in Latvia. The interest rates offered to German customers will not be higher than the rates available to customers in Latvia at the respective time.
“Our loan portfolio is growing rapidly, and attracting deposits in the German market is an important step in diversifying our funding sources. This will also benefit the Latvian economy, as funds deposited by German savers will be transformed into new loans for residents of Latvia. Attracting deposits in Latvia remains our priority,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of the founders of the Group.
The servicing bank for the fixed-term deposit offering in Germany will be C24 Bank GmbH, a German credit institution that will perform customer identification and maintain customers’ payment accounts. The deposit agreement itself will be concluded between the customer and INDEXO Bank.
About the INDEXO Financial Services Group
INDEXO is a financial services group comprising the pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, INDEXO Asset Management IPAS (formerly VAIRO), as well as INDEXO Banka and DelfinGroup.
The INDEXO Group's pension management companies offer modern 2nd and 3rd pillar pension plans in Latvia. More than 161 thousand customers entrust the Group with the management of their pension savings, totalling EUR 1.7 billion.
INDEXO Banka, a credit institution licensed by the European Central Bank, currently serves more than 65 thousand customers, with total deposits of EUR 139 million and a loan portfolio of EUR 112 million.
Founded and based in Latvia, INDEXO is listed on the Nasdaq Riga stock exchange with more than 8,000 shareholders and bondholders. The company's mission is to fight for a better financial environment in Latvia and to strengthen the well-being of Latvian residents by providing modern and personalised financial services. Further information is available at www.indexo.lv.
DelfinGroup is a licensed Latvian fintech company founded in 2009 and currently operating in Latvia and Lithuania. The company operates under the Banknote and VIZIA brands. DelfinGroup has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of used, pre-owned and new goods in more than 80 branches across Latvia and online. Further information is available at www.delfingroup.lv.