Aigars Kesenfelds’ family investment company ALPPES Capital has further increased its shareholding in INDEXO, now holding a total of 12.37% of the shares and becoming its largest shareholder.
ALPPES Capital believes that healthy competition in Latvia’s financial services market should be promoted by strengthening and supporting locally-owned companies. The investment company notes that all the necessary preconditions have been established for INDEXO, in the medium term, to successfully compete with subsidiaries of foreign banks in Latvia and with other foreign-owned banks, following the examples of Lithuania and Estonia, where local entrepreneurs and many thousands of local investors have, in a short period of time, jointly invested the required capital, laying the foundation for the creation and development of a strong, profitable, and competitive locally-owned bank. In Estonia, such examples include LHV, a strong and highly profitable locally-owned digital bank, and COOP Bank, another locally-owned bank with a particularly strong presence in Estonia’s regions. In Lithuania, a good example of a locally-owned bank is Artea Bank (formerly Šiaulių Bankas).
Representatives of the investment company ALPPES Capital also note that they are in favour of INDEXO’s plans to propose a share swap between INDEXO and DelfinGroup. ALPPES Capital currently holds 18.23% of DelfinGroup shares. The investment company intends to accept INDEXO’s offer by swapping its DelfinGroup shares into INDEXO shares, thereby potentially further increasing its stake in INDEXO. ALPPES Capital is confident that the share swap will deliver the strongest long-term value creation for both INDEXO shareholders and all existing DelfinGroup shareholders.
As reported previously, the Bank of Latvia has granted permission for ALPPES Capital to acquire a direct qualifying holding and for Aigars Kesenfelds to acquire an indirect qualifying holding in IPAS INDEXO. Meanwhile, the European Central Bank approved Aigars Kesenfelds and ALPPES Capital to acquire an indirect qualifying holding in INDEXO Bank.
About the family investment company AS ALPPES Capital
AS ALPPES Capital is the family investment firm (family office) of Aigars Kesenfelds, a multi-sector entrepreneur, with a long-term objective of capital growth. The firm’s primary sources of income are dividends and interest received from related and associated companies. In 2024, AS ALPPES Capital operated with a profit of 74.8 million euros, and the company’s equity at the end of 2024 was 143.9 million euros.
AS ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. AS ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including Eleving Group S.A., DelfinGroup AS, Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which AS ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,000 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding €600 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over €25 million annually in taxes to the Latvian state budget.
The investment portfolio of AS ALPPES Capital, through both direct and indirect investments, spans a wide range of sectors including retail, consumer goods and services, leasing and consumer finance, e-commerce, real estate, forestry, renewable energy, manufacturing, and others.
AS ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.