Photo of Judita Grigelyts (V).
Latvian capital bank LPB, which serves customers in Lithuania, is changing its name to Magnetiq Bank and will strengthen its position in the field of financial technology (fintech) and the e-commerce sector, the bank announced on Monday.
The bank is changing its name after the 2023 at the end of 2012, the main Latvian investment bank Signet Bank became the sole owner of LPB Bank.
The change aims to promote the introduction of financial innovations, increase the availability of digital products in the banking sector and strengthen positions fintech in the field.
Changing the product name reflects our long-term commitment to further develop the service segment, offering customers thoughtful and innovative financial technology solutions, said Antonas Kononovas, temporary chairman of Magnetiq Bank.
According to him, the bank has been operating for several years fintech and e-commerce sectors. banking as a service and e-commerce payment solution services have been developed for these areas.
According to Robert Idelson, chairman of the board of Magnetiq Bank and Signet Bank, in the coming years, the Signet Bank group intends to significantly expand the product range of Magnetiq Bank, focusing mainly on innovative and high-quality digital solutions.
In Lithuania, the bank’s clients are payment service providers who use the bank’s infrastructure, overnight deposit and separate account services.
Magnetiq Bank has a European license to provide acquisition services for e-merchants, which enables smooth and secure processing of transactions across the European market.
Magnetiq Bank and Signet Bank will continue to operate as separate entities.
The whole share package of Magnetiq Bank is managed by one of the largest investment banks in Latvia, Signet Bank, which undertakes to finance local entrepreneurs and attract investments to their businesses.
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