To finance its rapidly expanding loan portfolio, INDEXO Bank will begin attracting deposits in Germany. Starting in October this year, the bank will offer fixed-term deposits to private customers in Germany through the CHECK24 deposit platform.
This move will enable the bank to diversify its funding sources while securing additional capital to support the continued growth of its lending business in Latvia. Both the Bank of Latvia and Germany’s financial supervisory authority, BaFin, have approved INDEXO Bank to accept deposits from German residents. The launch is scheduled to take place once the necessary technical integration has been completed and all preparatory work has been finalized.
In Germany, INDEXO Bank will offer the same standard fixed-term deposit products that are already available to customers in Latvia. The interest rates offered to German customers will not exceed those available to Latvian customers at the respective time.
“Our loan portfolio is growing rapidly, and entering the German deposit market is an important step in diversifying our funding sources. This is also beneficial for Latvia’s economy, as funds deposited by German savers will be transformed into new loans for people and businesses in Latvia. Attracting deposits in Latvia remains our top priority,” said Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of the group’s founders.
In Germany, C24 Bank GmbH will act as the servicing bank for the fixed-term deposit product. It will be responsible for customer identification and maintaining customers’ payment accounts, while the deposit agreement itself will be concluded directly between the customer and INDEXO Bank.
Source: indexo.lv
(Translated using artificial intelligent tool)
