Indexo could expand beyond Latvia in the future
The Latvian financial group Indexo has no concrete plans to expand abroad for now, but will assess opportunities in other markets later. Its planned share listing in Stockholm does not mean entry into the Swedish market, management said.
Indexo, a Latvian financial group that owns Indexo Bank, currently has no concrete plans to expand outside Latvia, but sees opportunities to offer services in neighbouring countries in the future. Group management said this while discussing the planned listing of its shares on the Stockholm stock exchange.
Chief executive and co-founder Henriks Karmo noted that Indexo already operates in Lithuania, which he described as an attractive market. He said that, given the group's capital base and improving access to funding, opportunities for growth in other markets will be examined in more detail going forward.
Why Stockholm
Karmo stressed that listing shares in Stockholm does not mean the bank is preparing to start operating in Sweden and compete with local banks. He explained that the choice of exchange reflects the concentration of capital and investors in the region, as well as the fact that several of the group's competitors are listed there. It is important for the group to secure the best possible funding options, including from shareholders, so Stockholm is a logical choice, he said.
Financial results
In the first nine months of this year the group posted a profit of 2.85 million euros, compared with a loss in the same period last year. Indexo Bank's net loss for the nine months was 6.79 million euros, 3% less than a year earlier. The group's losses linked to investments in developing the bank were 5.804 million euros in the first nine months of 2025.
Last year, the group's restated, unaudited loss, tied to investments in setting up the bank and a revised purchase price allocation calculation for the acquisition of DelfinGroup, was 18.26 million euros, 3.4 times higher than in 2024.
Shareholders
At the end of 2025 the largest shareholders were Alppes Capital, an investment company owned by Aigars Kesenfelds, with 29.68%, and EC Finance, owned by Agris Evertovskis, with 6.61%. The group was founded in 2017, and its shares are included on the official list of Nasdaq Riga.
