The INDEXO financial services group, which includes the pension management company IPAS INDEXO, JSC INDEXO Atklātais Pensiju Fonds, and JSC INDEXO Bank, received notification from Aigars Kesenfelds and JSC ALPPES Capital that the European Central Bank and the Bank of Latvia have granted approval for Aigars Kesenfelds and JSC ALPPES Capital, a family investment company (family office) 100% owned by Aigars Kesenfelds, to acquire a qualifying holding of up to 29.99% of capital and voting rights of both IPAS INDEXO and INDEXO Bank.
After evaluating the application submitted by Aigars Kesenfelds and JSC ALPPES Capital, the Bank of Latvia has decided to grant permission for JSC ALPPES Capital to acquire a direct qualifying holding and Aigars Kesenfelds to acquire an indirect qualifying holding in IPAS INDEXO. Meanwhile, the European Central Bank has approved Aigars Kesenfelds and JSC ALPPES Capital to acquire an indirect qualifying holding in INDEXO Bank.
JSC ALPPES Capital notes that it has been a minority shareholder in INDEXO since 2022, having participated in its IPO as well as in subsequent capital raising transactions. JSC ALPPES Capital has also acquired a small number of shares on the secondary market.
Representatives of JSC ALPPES Capital note that the investment company of Aigars Kesenfelds plans to participate in future INDEXO capital raising rounds and transactions. As a result, JSC ALPPES Capital’s shareholding may exceed 10%, and therefore, prior approval has been obtained from the Bank of Latvia and the European Central Bank for the acquisition of a qualifying holding.
JSC ALPPES Capital believes that healthy competition in Latvia’s financial services market should be promoted by supporting locally owned companies. The investment in INDEXO, including its bank, is a long-term financial commitment by JSC ALPPES Capital, reflecting its confidence in the INDEXO management team and the company’s development vision. Depending on INDEXO’s growth scenarios and capital requirements, JSC ALPPES Capital also plans to participate in future capital raising rounds and transactions, with the goal of acquiring a qualifying holding in both IPAS INDEXO and INDEXO Bank.
“We continue to build and strengthen a locally owned bank to challenge the entrenched traditions of the Latvian banking sector and to provide the people of Latvia with high-quality, modern, and competitive financial services. I am pleased that it is Latvian entrepreneurs and locally owned companies who are investing in INDEXO, enabling us to grow even faster and continue driving positive change in Latvia’s financial environment,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of the co-founders of the INDEXO financial group.
About the family investment company JSC ALPPES Capital
JSC ALPPES Capital is the family investment firm (family office) of Aigars Kesenfelds, a multi-sector entrepreneur, with a long-term objective of capital growth. The firm’s primary sources of income are dividends and interest received from related and associated companies. In 2024, JSC ALPPES Capital operated with a profit of 74.8 million euros, and the company’s equity at the end of 2024 was 143.9 million euros.
JSC ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. JSC ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including Eleving Group S.A., DelfinGroup AS, Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which JSC ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,000 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding €600 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over €25 million annually in taxes to the Latvian state budget.
The investment portfolio of JSC ALPPES Capital, through both direct and indirect investments, spans a wide range of sectors including retail, consumer goods and services, leasing and consumer finance, e-commerce, real estate, forestry, renewable energy, manufacturing, and others.
JSC ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.
