AS “Citadele banka” has made the final decision on changing the legal status of AB “Citadele” bankas from subsidiary to branch

18.07.2018 16:42

Citadele Bank is uniting its operations in the Baltic states by forming a new branch in Lithuania.

On the 5th of July this year, the Citadele Bank (Latvia) Management Board made the final decision on the reorganisation of its subsidiary AB “Citadele” bankas (Lithuania), uniting it with AS “Citadele banka” (Latvia) and creating a branch in Lithuania.

The reorganisation is scheduled to be finished in the first half of 2019. After this, the Citadele Head Office will be in Latvia with branches in Lithuania and Estonia as well as a subsidiary in Switzerland.

During the reorganisation, a new AS “Citadele banka” branch will be opened in Lithuania, which will take over all assets and liabilities of AB “Citadele” bankas and oversee the functions and customer service of AB “Citadele” bankas.

The planned reorganisation in Lithuania will not in any way affect service to the bank’s clients. All will continue as usual. The legal status change of the Bank’s subsidiary in Lithuania to branch will allow Citadele to promote development in the Baltic states more effectively by introducing unified services, including a faster introduction of digital services and more effective management of the Group.

We would like to inform you that, in accordance with Part (1) of Section 345 of the Commercial Law of the Republic of Latvia, depositors of AS “Citadele banka” have the right to submit a creditor request if it is proven that the reorganisation threatens the fulfilment of their claims. Requests can be submitted by the 20th August 2018 at Republikas laukums 2A, Riga, LV-1010.

 

More information:

Ieva Prauliņa

Head of Corporate Communications

Tel: +371 67010172

Email: Ieva.Praulina@citadele.lv

 

Mihails Goļevs

Head of Investor Relations

Tel: +371 67778585

Email: Mihails.Golevs@citadele.lv

 

Santa Daniela Kanaška

Investor Relations Specialist

Tel: +371 67010991

Email: IR@citadele.lv