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Friday, 29.03.2024, 08:55
Signet Global Investors Limited, Hansalink, Fin.lv acquire majority shareholding in Bank M2M Europe
The bank informed that the European Central Bank (ECB) and the Financial
and Capital Markets Commission have granted permission to acquire majority
shareholding in Bank M2M Europe to a
group of new shareholders - Signet Global Investors Ltd, Hansalink and Fin.lv
.
"Following the signing of the share purchase agreement in May 2017,
all shares owned by the previous Bank M2M
Europe majority shareholder Andrey
Vdovin and his family are sold. As a result of this transaction, Signet Global Investors Ltd owns 25%, Hansalink owns 22.3% and Fin.lv owns
8.79% of the bank’s shares," the bank reported.
The bank also said that Signet group is an internationally recognized asset
management service provider with over 20 years track record in providing
investment solutions on global financial markets to private and institutional
investors. Based in London, Signet
Capital Management Ltd is regulated by the UK regulator, Financial Conduct
Authority. Signet group founders are US citizen Serge Umansky and Swiss citizen Robert Marquardt.
Hansalink is based in
Latvia and its founders are professionals with over 20 years of experience in
banking and international investments - Irina Pigozne, Edgars Pigoznis and Mikhail
Serdtsev.
Fin.lv is based in Latvia and owned by Igor
Rapoport, an experienced international investor and formerly a minority
shareholder of Bank M2M Europe.
The new shareholders will continue the bank’ s strategy focused on
servicing high net worth clients, further focusing on the quality and
performance of wealth management solutions.
Serge Umansky, co-founder of Signet
Global Investors Ltd said: “We are happy to become shareholders of Bank M2M Europe and we see substantial
synergies between Signet experience in providing investment solutions and the
bank’s strong position in servicing international high net worth individuals.
Our immediate plan is, together with the Bank
M2M Europe team, to expand the range of investment solutions offered to
clients, while maintaining the highest international standards. We see
significant potential in developing the wealth management business in Latvia,
which has a long-standing tradition of servicing high net worth clients and
modern regulation which will ensure strengthening of Latvia’s reputation as an
international financial center.”
“With the coming of the digital age, private banking will become even more
enhanced as, in essence, it is based on true relationships and partnership. We
clearly see synergies between the shareholders and the bank’s team,” noted Hansalink co-founder Irina Pigozne.
"It is great news that the substantial experience of the bank’s
current team will be supplemented by the international asset management and
private banking expertise of the new shareholders. It is very important today,
when this market provides excellent opportunities for the growth of our
business. I am convinced that M2M’s range of products will offer some of the
best solutions for high net worth clients in the Nordic region and usher in a
new era for the Latvian financial market,” said Bank M2M Europe CEO Roberts
Idelsons.
The bank was established in 1992 under the name Latvian Business Bank.
Since 2013, Bank M2M Europe strategy
is focused on servicing international high net worth clients. In late July Bank M2M Europe was the 19th largest
bank in Latvia by assets, according to the Latvian Association of Commercial
Banks.