20.09.2017. The European Central Bank (ECB) and the Financial and Capital Markets Commission (FCMC) have granted permission to acquire majority shareholding in Bank M2M Europe AS to a group of new shareholders – Signet Global Investors Ltd, SIA Hansalink and SIA 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%, SIA Hansalink owns 22.3% and SIA Fin.lv owns 8.79% of the bank’s shares.
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.
SIA 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.
SIA 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: “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.”
SIA Hansalink co-founder Irina Pigozne: “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.”
Roberts Idelsons, CEO and minority shareholder of Bank M2M Europe: “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.”
About Bank M2M Europe
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.