In order for the bank to receive a license, it needs to raise additional capital in the amount of 12.5 million euros, and Siksnis expressed his confidence that this capital will be raised in the new issue of 1.15 million shares currently taking place until December 29.
Sisnis emphasized that the risk of not getting a license after raising this capital is very small.
Sisnis also said that consultations with large investors also show that capital will be attracted. If the capital deficit raised in the share issue will be small, “Indexo” will close the share issue and look for other opportunities to cover the capital deficit.
On the other hand, if the deficit of the capital raised in the share issue will be greater, then perhaps “Indexo” will cancel the issue of capital raising shares, and will look for other ways to raise the capital necessary for obtaining a bank license, Siksnis explained.
“Indexo” has been working on a new bank project since the middle of last year, and has almost completed the preparatory work for the establishment of the bank. Before receiving the license and starting banking operations, “Indexo” plans to raise 12.5 million euros of capital in a new share issue to ensure the necessary investments for lending, reserves and operational growth.
It has already been reported that on December 11, subscriptions to the new shares of “Indexo” began.
In the offer, the price of one share is 12 euros. Signing will last until December 29. “Indexo” offers a total of up to 1.15 million shares in the new share issue. There is no minimum limit for buying shares.
“Indexo” has submitted application documents for a banking license to the Bank of Latvia, which is currently examining it in cooperation with the European Central Bank. During 2023, work on the bank’s IT infrastructure has been completed, the “Indexo” bank mobile app has been created, and basic products for private individuals have been developed – current accounts, payments and cards, savings banks and deposits, loans.
After receiving the license, “Indexo” bank will start operations with servicing private individuals, while services for companies will be introduced in 2024.
The new bank plans to achieve a significant presence in the banking market by the end of 2027, while the bank plans to start making money from the second year of operation. By the end of 2027, it is planned to attract approximately 118,000 customers to “Indexo” bank, while the planned amount of loans issued in 2027 is 362 million.
On December 19, 2022, “Indexo” subsidiary “IDX1R” was registered, which will later become “Indexo” bank.
“Indexo” operated with an audited loss of 1.271 million euros last year, as opposed to a profit a year earlier.
“Indexo” was established in 2017. According to the information published by “Nasdaq Riga”, the largest shareholders of “Indexo” are SIA “Perfect Match” owned by Henrik Karmo with 8.44% and SIA “VSCAP” owned by Valdim Siksni with 6.45%. The other shareholders own less than 5% of Indexo shares each. “Indexo” shares are included in the official list of “Nasdaq Riga”.
2023-12-14 12:22:07
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