{"id":26509,"date":"2023-01-25T10:01:00","date_gmt":"2023-01-25T08:01:00","guid":{"rendered":"https:\/\/wpml.indexo.lv\/?post_type=zinas&#038;p=26509"},"modified":"2024-06-05T12:49:10","modified_gmt":"2024-06-05T09:49:10","slug":"indexo-overtakes-luminor-bank-by-value-of-assets-under-management-in-2nd-pension-pillar","status":"publish","type":"zinas","link":"https:\/\/staging.indexo.lv\/en\/zinas\/indexo-overtakes-luminor-bank-by-value-of-assets-under-management-in-2nd-pension-pillar\/","title":{"rendered":"INDEXO overtakes Luminor bank by value of assets under management in 2nd pension pillar"},"content":{"rendered":"\n<p><strong>Pension management company IPAS Indexo (hereinafter \u2013 INDEXO) this January overtook one of Latvia\u2019s consumer service banks \u2013 Luminor bank \u2013 by the value of assets under management in the 2nd pension pillar plans. On January 24, the market value of the 2nd pillar pension plans managed by INDEXO was EUR 604,8 million, while the 2nd pillar pension plan assets managed by Luminor bank were worth EUR 603,8 million.&nbsp;<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In the beginning of 2022 Luminor Bank was still ahead of INDEXO by approximately EUR 200 million, but dynamic growth in client acquisition over the last 12 months has allowed INDEXO to reach the pension management business scale of the large Latvian retail banks. \u202f\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>\u201cINDEXO, in slightly more than five years, with an innovative for Latvian market investment management approach tracking world market indices, has achieved the asset under management volume of Latvia\u2019s largest universal banks. Besides, we have done it without the sales channels, which are available for our main competitors and our growth continues. We have not changed our values and we will continue to promote competition in order to ensure better financial services for Latvia\u2019s residents,\u201d said Valdis Siksnis, INDEXO board chairman and one of the founders.\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>As reported<\/strong>,&nbsp;in parallel to pension management, INDEXO is actively working on a new commercial bank project and recently submitted the application for a banking licence. In addition, INDEXO is working on development of services, IT systems and risk management model, as well as other issues related to the operation of the new bank.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Last summer INDEXO conducted its IPO where it successfully raised EUR 7.49 million and the company\u2019s shares were oversubscribed by around EUR 2.5 million. In the IPO, investors acquired the pension management company\u2019s shares, and it is planned that the new INDEXO bank will be a subsidiary of the pension management company. INDEXO shares were listed on July 15, 2022, on Nasdaq Riga Baltic Main List. The ticker symbol of INDEXO shares in IDX1R.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the proposal from the Bank of Latvia.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pension management company IPAS Indexo (hereinafter \u2013 INDEXO) this January overtook one of Latvia\u2019s consumer service banks \u2013 Luminor bank \u2013 by the value of assets under management in the 2nd pension pillar plans. On January 24, the market value of the 2nd pillar pension plans managed by INDEXO was EUR 604,8 million, while the [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":15017,"comment_status":"open","ping_status":"closed","template":"","class_list":["post-26509","zinas","type-zinas","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/zinas\/26509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/zinas"}],"about":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/types\/zinas"}],"author":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/comments?post=26509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/media\/15017"}],"wp:attachment":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/media?parent=26509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}