In April 2024, Mihails Šafro, an entrepreneur and a powerful fintech and IT professional, and innovator by nature, joins the board of directors of Industra Bank. Consequently, the bank's board of directors will now consist of five people.

Jurijs Adamovičs, the chairman of Industra Bank's board of directors, states, "Industra Bank has huge potential and ambitious goals; therefore, in order to implement the bank's strategy, we decided to strengthen the bank's board of directors by including a fifth member, Mihails Šafro. Mihails is one of the most powerful professionals I know in the fintech and IT fields, so I am truly pleased about his joining the bank's management team."

"Let me remind you that just two months ago, Aleksejs Prokofjevs, an experienced investment banker with international experience and Latvian roots, who has gained experience in various international financial institutions, was appointed at the board of directors. The combination of the current board's competencies is the combination needed for Industra Bank's transition to a higher quality level," he continues, outlining the goal of expanding Industra Bank's board of directors.

Mihails Šafro, the member of the Industra Bank’s board of directors emphasizes, "I am committed to leveraging my expertise in fintech to help Industra Bank become a leading digital-first financial institution. My goal is to promote the development of innovative digital products that meet the needs of SMEs, transforming the bank into an efficient and attractive financial partner for its customers."

Consequently, Industra Bank's board of directors will consist of five people - besides Jurijs Adamovičs, Mihails Šafro, and Aleksejs Prokofjevs, the board also includes the deputy chairman Andis Kļaviņš and board member Ivars Grunte.
This week also saw changes in the shareholders of Industra Bank - SIA "J.A. Investment Holdings" owned by Jurijs Adamovičs and Aleksejs Prokofjevs purchased all shares previously owned by SIA "Latvia Finance Invest." Thus, SIA "J.A. Investment Holdings" now owns 43.38% of Industra Bank shares, while Aleksejs Prokofjevs owns 0.24% of the shares. 25% of the bank's shares are owned by SIA "HPI 2," whose owners indirectly are Ralfs and Andis Kļaviņš, while another 25% of the shares are owned by SIA "Ouroboros," whose owner is the newly appointed bank board member Mihails Šafro. Meanwhile, 6.38% of the bank's shares are owned by SIA "Izoterm Systems," whose owner is Valērijs Kļimovs.

About Industra Bank:
Industra Bank was established by local entrepreneurs, focusing its operations on serving Latvia's small and medium-sized businesses. The bank has nearly 20,000 customers; for customer convenience, we offer service centers in Riga, Daugavpils, Liepāja, Ventspils, and Jelgava.

In 2023, the bank operated with a consolidated gross profit of 5.2 million euros. By skillfully utilizing capital, for the second consecutive year, the bank achieved a high pre-tax return on equity (ROE) of 23% at the group level. By the end of 2023, Industra Bank's issued loans reached 81 million euros, while customer deposits in the bank amounted to approximately 224 million euros.