The bank is changing its name after the main Latvian investment bank Signet Bank became the sole owner of LPB Bank at the end of 2023. The change aims to promote the introduction of financial innovations, increase the availability of digital products in the banking sector and strengthen positions in the field of fintech.
“The rebranding reflects our long-term commitment to further develop this service segment, offering clients thoughtful and innovative financial technology solutions,” Anton Kononov, Acting Chairman of Magnetiq Bank, said in a statement.
According to him, the bank has been operating in the fintech and e-commerce sectors for several years. 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 range of products offered by Magnetiq Bank, focusing 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 holding and separate account services. Magnetiq Bank has a European license to provide acquisition services for e-merchants, which enables smooth and secure transaction processing across the European market.
Magnetiq Bank and Signet Bank will continue to operate as separate entities. 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.
Tags: LPB Bank Latvia changing Magnetiq Bank strengthen position fintech Business
