FCMC approves merger of Signet Bank AS and AS Expobank

11.07.2022
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On 07.07.2022, the Board of the Financial and Capital Market Commission (FCMC) decided to authorise the transfer of part of Signet Bank AS business to AS Expobank. Consequently, as from 11.07.2022 activities of both banks have been merged into a single credit institution operating under Signet Bank brand, following completion of all the necessary legal procedures.

Santa Purgaile, Chairwoman of FCMC emphasizes: “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.”

On 26.01.2022, a transaction of AS Expobank acquisition was concluded resulting in the purchase of AS Expobank by Signet Bank AS. Signet Bank AS considered future development scenarios and decided to merge the operations of the two banks under the name of Signet Bank.

The FCMC draws attention to the fact that the customers of both banks retain all their current commitments and rights arising from the contracts, except the change of the name of bank for AS Expobank customers.

In accordance with Section 59.2(1) of Credit Institution Law for the transition of the body of property subject to separation, the body of assets or liabilities or the body of standard contracts entered into with the credit institution customers of a credit institution undertaking or a part thereof, into the ownership or use of another person the credit institution shall require an authorisation of the FCMC.

Signet Bank AS has been operating in Latvia since 1992, the bank focuses on servicing legal entities. AS Expobank has been operating in Latvia since 1991, providing a wide range of services.

 

Further information:
Dace Jansone
Head of FCMC’s Communications Division
Phone: +371 67774808
E-mail: dace.jansone@fktk.lv

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