Brand Change
The legal name of AS LPB Bank was changed to AS Magnetiq Bank in April 2024.
We invite you to explore our customers’ frequently asked questions about the brand change.
What was the reason for the bank’s brand change?
The bank’s renaming and rebranding are based on the acquisition transaction at the end of 2023, in which Latvia’s leading investment bank, Signet Bank AS, became the 100% shareholder and parent company of AS LPB Bank. The brand change is part of a broader business development strategy of the Signet Bank group and AS Magnetiq Bank. Its aim is to promote more effective financial innovation, improve the accessibility of digital products in the banking sector, and strengthen positions in the fintech industry. Innovative, efficient, and highly technological digital financial solutions are the driving force for the banking sector’s future. Therefore, the new bank strategy will focus on servicing FinTech companies and offering digital financial solutions to customers. The bank’s previous experience and investment in digital solutions, as well as its strategic development goals in the coming years, will be focused on servicing fintech, startups, and e-commerce service providers in Latvia and international markets, promoting financial innovation, and improving the accessibility of digital products in the banking sector, as well as strengthening its position in the fintech industry.
Did the bank’s owners and management change?
At the end of 2023, Latvia’s leading investment bank, Signet Bank AS, acquired 100% of the voting shares of AS LPB Bank, becoming its parent company and completely changing owners. Organizational structure changes are currently underway.
Is it necessary to switch contracts with the bank?
Following the legal name change, all previously concluded contracts and agreements with AS LPB Bank remain in effect, so there is no need to review terms or enter into new contracts with partners and/or clients.
Are my account number or the bank’s SWIFT code changing?
Account numbers and other banking details remain unchanged; thus, all payments will be processed and made as usual.
Do I need to change my payment card?
All existing AS LPB Bank-issued payment cards are valid and will continue functioning as usual. Gradually, they will be replaced with new AS Magnetiq Bank cards.
Are there any changes to the fee schedule?
No, there are no planned changes to the fee schedule related to the brand change.
What does the new bank name mean?
The name Magnetiq Bank derives from the word “magnet.” It symbolizes the bank’s commitment to attracting innovative financial technologies with a “magnetic” appeal to clients and offering a higher quality of service experience. Magnetiq Bank is a brand driven by constant development changes, combining various innovative, efficient, highly technological financial solutions to unlock new potential and growth for the bank’s clients.
What does the brand’s visual solution reflect?
The brand’s visual identity reflects the bank’s commitment to implementing innovative and high-value digital financial solutions, expanding and diversifying the range of financial services and products, thus providing clients with a more efficient and improved collaboration experience. The philosophy of the AS Magnetiq Bank brand is the interaction between simplicity, accessibility, and efficiency, reflecting the latest global trends in the digital financial sector. The Magnetiq Bank logo and symbol represent the dynamic relationships between the bank and its clients. The square used in the design reflects stability and security, while the circle represents attraction and the connection the bank forms with each client.
