COBALT advised Signet Bank AS in the merger transaction with Expobank AS

On July 11, 2022, after receiving the approval of the Financial and Capital Market Commission and the European Central Bank, the merger transaction between Signet Bank AS and Expobank AS was completed.

Pursuant to the transaction Signet Bank AS acquired 100% of the shares of Expobank AS and transferred part of its credit institution undertaking to Expobank AS.

The merged institution will continue to operate under the brand of Signet Bank, implementing the Signet Bank’s current strategy – servicing Latvian entrepreneurs and their companies, with an emphasis on providing financing and investment management solutions.

“By combining the knowledge, experience, customer base and infrastructure of both banks, a good synergy is formed, allowing Signet Bank to further strengthen its position in the domestic market. With this double power, we will continue to develop corporate and investment banking services, making a greater contribution to the financing of Latvian companies both through loans and bond issues, as we see good potential and development opportunities in this segment,” commented Roberts Idelsons, Chairman of the Board of Signet Bank AS.

Within the transaction, COBALT team led by Managing Partner Lauris Liepa and Specialist Counsel Andrejs Lielkalns advised Signet Bank AS on different financial services regulatory matters.