AS Citadele banka has made decision to change AB Citadele bankas legal status from subsidiary to branch
Continuing to implement the Citadele Group’s strategy to become the primary-choice bank in the Baltics, AS Citadele banka (Citadele Bank) has received conceptual approval from the Bank of Lithuania to start the process of subsidiary’s AB Citadele bankas reorganization by merging AB Citadele bankas with AS Citadele banka. The application on the reorganization is currently being reviewed by the Latvian Financial and Capital Market Commission.
Citadele Bank’s Chairman of the Management Board Guntis Beļavskis: “To put it simply, the reorganization of Citadele bankas in Lithuania means changing its legal status from subsidiary to branch. This decision was made to enable the introduction of new digital banking services to Lithuania more quickly and to improve the operational efficiency of the Group”.
During the course of reorganization a new branch of AS Citadele banka will be opened in Lithuania and all assets and liabilities of AB Citadele bankas shall be transferred to the new branch of AS Citadele banka.
The decision on the merger was adopted by AS Citadele banka Management Board on March 22, 2018. The reorganization is expected to be completed during the first half of 2019.
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