{{Short description|Bank of Latvia}} {{Infobox company | name = AS Signet Bank | type = Private | founded = 1991 | key_people = Robert Idelson (Chairman of the Board) | subsid = Magnetiq Bank | website = {{URL|signetbank.com}} }}

'''Signet Bank''' (until 2022 '''Expobank''') is a Latvian bank operating in the corporate and investment segment. It was founded in 1991.

For investment management, the company '''JSC Signet Asset Management Latvia IPS''' was established. Since December 2023, Signet Bank owns the company '''JSC Magnetiq Bank''' (until 2024 '''JSC LPB Bank'''), whose strategy is focused on the needs of financial technology firms, startups, and e-commerce service providers, offering them banking infrastructure, segregated accounts, and payment solutions.

== History ==

=== Expobank === thumb|Logo of ''JSC Expobank'' On 6 December 1991, the bank JSC Latvijas tirdzniecības komercbanka, Rīga "TIRDZNIECĪBAS BANKA" was founded. On 29 April 1993, it was renamed JSC, Rīga "LATVIJAS TIRDZNIECĪBAS KOMERCBANKA". On 13 December 1994, the bank's name was changed to JSC "Latvijas tirdzniecības banka". On 24 April 2009, it became JSC LTB Bank.<ref name="lursoft">{{Cite web |last=IT |first=LURSOFT |date=2025-08-23 |title=Signet Bank, AS, 40003043232 - company data |url=https://company.lursoft.lv/en/signet-bank/40003043232 |access-date=2025-08-23 |website=Lursoft IT |language=en}}</ref> In 2010, a branch was opened in the Republic of Cyprus.

In February 2012, Russian entrepreneur Igor Kim, a former shareholder of MDM Bank, became the sole owner of LTB Bank.<ref name="dblv">{{Cite web |title=Signet Bank iegādājusies Expobank |url=https://www.db.lv/zinas/signet-bank-iegadajusies-expobank-506314 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref> On 28 April 2012, the bank was renamed JSC Expobank.<ref name="lursoft" /> In 2014, a representative office was opened in Hong Kong. According to the 2015 financial report, the bank's net profit was €15.39 million. As of 31 December 2015, the bank's capital adequacy ratio was 44.73%, and the liquidity ratio was 108%.

On 30 September 2021, Expobank’s assets amounted to €86.8 million, making it the smallest bank in Latvia by assets.<ref>{{Cite web |title=BANKS' ASSETS AS OF SEPTEMBER 30, 2021, thousands EUR* |url=https://www.financelatvia.eu/wp-content/uploads/2021/12/Banks-results-3rd-quarter-2021.pdf |website=Finance Latvia Association}}</ref>

=== Signet Bank === On 26 May 1992, JSC "Latvijas biznesa banka" (LBB) was founded. Its shareholders were major Russian banks and entrepreneurs. In 2011, LBB reorganized by selling most of its assets, including to the Latvian branch of the Estonian bank Eesti Krediidipank. Afterward, LBB operated on a limited basis, and by the end of 2012 it ranked 25th in Latvia by assets.<ref name="dienas">{{Cite web |title=Bijušo parexiešu darba devējs Krievijas finansists Andrejs Vdovins iegādājies Latvijas Biznesa banku |url=https://www.db.lv/zinas/bijuso-parexiesu-darba-devejs-krievijas-finansists-andrejs-vdovins-iegadajies-latvijas-biznesa-banku-394102 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref>

On 21 May 2013, Russian businessman Andrey Vdovin acquired 100% of LBB's shares.<ref name=":0">{{Cite web |title=Russian financier buys "Latvijas Biznesa Banka" - Latviannews.lv |url=https://www.latviannews.lv/business/1315 |access-date=2025-08-23 |website=www.latviannews.lv}}</ref> He was co-owner of the VMHY group, which included Russian banks M2M Private Bank and ATB Bank.<ref name="dienas" /> Since 2011, an investment management company owned by Vdovin, M2M Asset Management, had operated in Latvia and was later merged with the acquired bank. On 19 July 2013, LBB was renamed JSC Bank M2M Europe. On 27 September 2017, it was renamed JSC Signet Bank. On 20 October 2017, IPAS M2M Asset Management was renamed IPAS Signet Asset Management.

=== Merged bank === On 16 February 2022, it was announced that Igor Kim had sold Expobank's shares to Signet Bank.<ref name="dblv" /> On 11 July 2022, the Financial and Capital Market Commission approved the merger of Signet Bank and Expobank, which would thereafter operate as a single credit institution under the Signet Bank brand. The former Expobank website was redirected to Signet Bank.<ref>{{Cite web |title=FKTK atļauj Signet Bank un Expobank apvienošanos |url=https://www.db.lv/zinas/fktk-atlauj-signet-bank-un-expobank-apvienosanos-508401 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref> On 12 July, JSC Signet Bank was renamed JSC SB Resolution (liquidated on 4 January 2023), while JSC Expobank adopted the name JSC Signet Bank.

On 1 December 2023, JSC Signet Bank submitted a merger notification to the Competition Council regarding the acquisition of decisive influence over JSC LPB Bank. On 7 December, the Competition Council approved the merger, and on 11 December JSC Signet Bank completed the acquisition of JSC LPB Bank. It was planned that LPB Bank would focus on servicing FinTech companies, providing Banking as a Service (BaaS) solutions, and developing innovative digital financial products.<ref>{{Cite web |title=Signet Bank iegādājas LPB Bank |url=https://www.db.lv/zinas/signet-bank-iegadajas-lpb-bank-514373 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref> In 2024, JSC LPB Bank was renamed JSC Magnetiq Bank. On 6 December 2024, JSC Signet Bank acquired 51% of the share capital of SIA AgroCredit Latvia, a lender to farmers.<ref>{{Cite web |title=Signet bank un Magnetiq Bank turpinās strādāt kā atsevišķas bankas |url=https://www.db.lv/zinas/signet-bank-un-magnetiq-bank-turpinas-stradat-ka-atseviskas-bankas-519064 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref>

The Chairman of the Board of the Signet Bank since 2013 is Robert Idelson, who was a former employee of Parex Bank since 2003 and a vice-president at Citadele Bank.<ref name=":0" /><ref>{{Cite web |title=Idelsons: 'Parex banka' darbojas samērā veiksmīgi |url=https://www.delfi.lv/bizness/37293360/bankas_un_finanses/38893463/idelsons-parex-banka-darbojas-samera-veiksmigi |access-date=2025-08-23 |website=www.delfi.lv |language=lv}}</ref><ref>{{Cite web |title=Roberts Idelsons pametīs Citadele Asset Management vadību |url=https://www.db.lv/zinas/roberts-idelsons-pametis-citadele-asset-management-vadibu-229538 |access-date=2025-08-23 |website=Dienas Bizness |language=lv}}</ref>

== Ownership == The shareholders of JSC Signet Bank are: Signet Acquisition III (23.05%; a U.S. company owned by Alexander Solovey), JSC RIT Group (18.35%; owned by the Dan Rapoport family), SIA Reglink (14.98%), Natālija Petkeviča (9.27%), Solrut Holding Company LLC (9.07%; U.S. company), Leonid Kaplan (7.53%), SIA Slink (5.99%), SIA ID Family Foundation (4.89%), and others (6.87%).<ref>{{Cite web |title=Signet Bank management and shareholders |url=https://signetbank.com/en/about-us/management-and-shareholders/ |access-date=2025-08-23 |website=Signet Bank |language=en-US}}</ref>

==See also== * List of banks in the euro area * List of banks in Latvia

==References== {{reflist}}

Category:Banks of Latvia