Last year, Signet Bank contributed to growth in all areas of the bank’s activities, strengthening its position in the local market and successfully increasing its business volumes. In 2021, the bank issued EUR 200 million in financing to its clients. There was also an increase in client funds under management, which amounted to EUR 1.2 billion last year, and deposits that exceeded EUR 300 million. At the same time, the bank also managed to boost its loan portfolio, the total amount of which reached EUR 90 million at the end of the year.
In 2021, Signet Bank successfully placed bonds of the largest (by turnover) Latvian company “ELKO Group” in the amount of EUR 20 million and helped to include them on the stock exchange. There was also an important transaction in which one of the largest commercial real estate investment companies in the Baltic States – “Summus Capital” – issued bonds worth EUR 10 million and made its debut on the stock exchange in the First North list. Attracting financing to the non-bank lending sector was particularly active last year, where the bank helped attract financing to local capital companies such as “DelfinGroup”, “Mogo”, “Sun Finance Group” and “Eleving Group”.
In 2022, Signet Bank plans to pay special attention to educating entrepreneurs about alternative forms of financing both at the Latvian and Baltic levels.
On February 9, 2022, the Financial and Capital Market Commission will host a forum “Ambition. Growth. Sustainability” to present the capital market development progress achieved during the year. The panel discussion “How to choose the best way to boost the company’s growth?” will be attended by such industry experts as Gints Belēvičs, Kristaps Soms, Ģirts Raudzītis, Andris Vanags and Jānis Skutelis. This discussion will be moderated by the Chairman of the Board of Signet Bank, Roberts Idelsons.
Last year, Signet Bank conducted a survey “What do entrepreneurs in Latvia know about attracting financing?”. It turned out that entrepreneurs in Latvia are not sufficiently informed about the alternative ways to raise funds, they lack knowledge and experience. Therefore, one of our priorities for 2022 will be to educate entrepreneurs on how to choose the most appropriate way to promote business growth and to inform about the growth potential through the issuance of bonds.
Roberts Idelsons, Chairman of the Board at Signet Bank
Support for the cultural sector is equally important, and in order to strengthen it, Signet Bank plans to provide support to the Latvian art and culture space this year as well.
Last year we supported the International Scientific Conference of the Art Academy of Latvia “Ideas and materials: in the context of the hybridity of cultures in the Baltics and other regions”. We hope that this cooperation will contribute to increasing the relevance and importance of scientific research. We also supported the internationally recognized, wonderful virtuoso accordionist Ksenia Sidorova in creating her new studio album “Piazzolla Reflections”, and this year we open with the presentation of Andris Vītoliņš solo exhibition “We Need a Chance To Be Reborn” in Vilnius.
Ineta Done, Senior Vice President at Signet Bank
In order to promote development based on sustainability principles, the bank has launched a series of practical tasks, both in its activities and in the services provided, integrating environmental, social and governance issues.
We have been actively involved in industry initiatives, including joining the call of the World Climate Fund for asset managers in the Baltics States and Nordic countries to facilitate the transition to climate neutrality by 2050. We will offer our clients the opportunity to invest in a newly created Signet Sustainability Promoting Balanced Fund, where investments will be made in both stocks and bonds, taking into account each company’s sustainability indicators and excluding those sectors that have a significant negative impact on climate change.
Nora Pastore, Head of Business Development at Signet Bank
About Signet Bank
The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital management and structuring of investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.