As reported by LSM on July 11, Latvia's banking regulator the Financial and Capital Market Commission (FKTK), gave final approval for private bank Signet Bank to take over Expobank on July 7, with the merger taking effect on July 11.
It was stated in the regulator's announcement that "Signet Bank AS considered future development scenarios and decided to merge the operations of the two banks under the name of Signet Bank."
"The merged institution will 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," Signet Bank said on its website.
Citing company registry infromation, LETA reports that on July 12 "Signet Bank" changed its name to "SB Resolution", while "Expobank" has become "Signet Bank".
