LPB Bank of Latvia is changing its name to Magnetiq Bank – focusing on the FinTech and e-commerce sectors

LPB Bank of Latvia has officially changed its legal name to Magnetiq Bank and at the same time presented a new visual brand identity. The bank also serves customers in Lithuania.

The change of the bank’s name and brand is based on 2023. an acquisition agreement was signed at the end of the year, according to which the main Latvian investment bank Signet Bank became the sole owner and parent company of LPB Bank. The rebranding is part of a business development strategy aimed at promoting financial innovation, increasing the availability of digital products in the banking sector and strengthening the position in the field of FinTech.

“The bank has been active in the FinTech and e-commerce sectors for many years. Services such as Bank-as-a-Service (BaaS) and e-commerce payment solutions have been developed for these areas, which have become the basis of our service portfolio,” says Anton Kononov, Acting Chairman of Magnetiq Bank . “The rebranding reflects our long-term commitment to further develop this service segment by offering clients thoughtful and innovative financial technology solutions,” he adds.

The launch of the Magnetiq Bank brand marks a new stage in the growth and development strategy of Signet Bank Group and an important milestone in the entire Latvian banking sector. Magnetiq Bank was established to meet the growing demand for financial products and services specifically tailored to promote FinTech, e-commerce businesses and financial innovation. There is still a lack of such products in the Latvian banking sector, which is why Signet Bank Group is determined to change this situation”, emphasized Roberts Idelsons, Chairman of the Board of Magnetiq Bank and Signet Bank.

“In the coming years, Signet Bank Group intends to significantly expand the range of products offered by Magnetiq Bank, focusing on innovative and high-quality digital solutions,” added R. Idelsons.

In Lithuania, bank customers are payment service providers who use services such as bank infrastructure, overnight deposit storage and separate accounts, which are necessary for the operation of the payment institution. The bank has a European license to provide e-procurement services. for merchants, enabling smooth and secure processing of transactions across the European market. Magnetiq Bank offers various payment services, including SEPA, SEPA Instant and TARGET transactions.

Magnetiq Bank and Signet Bank will continue to operate as separate entities. The new legal name will not affect customers or partners, and existing contracts will not need to be changed. All payment cards issued under the previous name and contracts concluded will be valid until their expiration date. To ensure the convenience of customers, the bank’s usual communication channels and procedures will not change.

The new Magnetiq Bank brand was created by the Ukrainian marketing agency “Leletko&Pronyk”. And the creation of the logo, visual identity and website was entrusted to the Ukrainian agency “GoodFace”, which specializes in working with clients in the field of FinTech.

More information about Magnetiq Bank and its services can be found on the new website: https://magnetiqbank.com

About Magnetiq Bank:

Magnetiq Bank is a Latvian bank dedicated to serving the needs of FinTech, startups and e-commerce service providers. In order to support the growth of clients’ business, the bank offers banking infrastructure, separate accounts and payment solutions. Magnetiq Bank aims to promote startups and e-commerce. development of commercial sectors using innovative technologies and providing the highest quality customer service. The entire stake in Magnetiq Bank is owned by one of the largest investment banks in Latvia, Signet Bank, which is committed to financing local entrepreneurs and attracting investments to their businesses.