AS LPB Bank Transitions to AS Magnetiq Bank, Focusing on FinTech and E-commerce Sectors

• AS LPB Bank officially changes its legal name to AS Magnetiq Bank, reflecting a new focus on the FinTech and e-commerce sectors.
• The rebranding follows an acquisition deal in which Signet Bank AS became the sole shareholder and parent company of AS LPB Bank.
• The new name and brand identity symbolize the bank’s commitment to introducing innovative financial solutions and expanding its services.

AS LPB Bank rebrands to AS Magnetiq Bank, focusing on FinTech and e-commerce sectors. This strategic move follows an acquisition by Signet Bank AS, aiming to strengthen its position in the digital financial sector.

AS LPB Bank Rebrands to AS Magnetiq Bank

AS LPB Bank has officially changed its legal name to AS Magnetiq Bank, introducing a new brand visual identity. This rebranding follows an acquisition deal concluded at the end of 2023, in which Signet Bank AS, Latvia’s leading investment bank, became the sole shareholder and parent company of AS LPB Bank. The brand change is part of a broader business development strategy for the Signet Bank group and AS Magnetiq Bank, aiming to promote the effective implementation of financial innovations and improve the availability of digital products in the banking sector.

Focus on FinTech and E-commerce Sectors

The bank’s new name and brand identity reflect its unwavering commitment to introducing innovative and high-quality digital financial solutions. The bank aims to expand and diversify its financial services and products, ensuring that clients continue to experience an even more effective and better collaboration experience. The brand philosophy of AS Magnetiq Bank is an interplay between simplicity, accessibility, and efficiency, reflecting the latest global trends in the digital financial sector.

Brand Philosophy and Future Outlook

The name Magnetiq Bank originates from the word “magnet,” symbolizing the bank’s commitment to attracting innovative financial technologies with a “magnetic” appeal to clients, offering a higher quality of service experience. Magnetiq Bank is a brand driven by continuous development changes, combining various innovative, efficient, and highly technologically developed financial solutions to unlock new potential and growth for its clients.

Conclusion

With the brand change, the bank strengthens its position in the local and European markets, ensuring a consistent and unified brand experience. The transition to a new legal name is independent of clients and partners, and existing contracts do not need to be changed or switched. All payment cards issued under the previous name and concluded bank contracts will remain valid until expiration. The usual communication channels with the bank and operational procedures remain unchanged to ensure customer convenience.