On August 12, 2025, the Latvian competition authority received a merger notification from IPAS 'Indexo', indicating its plan to acquire decisive influence over AS 'DelfinGroup'. This merger is significant as both companies operate in the financial services sector in Latvia.

IPAS 'Indexo' is a publicly listed company on the Nasdaq Riga stock exchange, providing state-funded pension schemes and private pension services within Latvia. Since 2024, its subsidiary, AS 'Indexo Banka', has been offering banking services, including deposits, lending, payments, and card services to individuals.

On the other hand, AS 'DelfinGroup' is a licensed technology-based financial group operating under brands such as Banknote and VIZIA, as well as 'Rīgas pilsētas lombards'. The company primarily focuses on the lending market in Latvia and Lithuania, offering consumer loans, purchase financing, and credit line services, along with retail operations in used goods.

The merger notification indicates that the activities of both parties overlap in the consumer lending market in Latvia. The competition authority is required to make a decision on the merger within one month of receiving the notification, although this period can be extended to four months if a more in-depth investigation is necessary.

Market participants and other interested parties are invited to provide their opinions on the potential impact of the merger on competition by August 20, 2025, either by contacting the authority's senior economist Krista Munkevica or by filling out a provided questionnaire.