The Citadele Bank has joined the corporate initiative that is called “Honest Introducer of the Euro,” thus confirming its readiness to observe all of the principles that are enshrined in the relevant memorandum, which speaks to the honest and transparent implementation of the euro in Latvia.
“By joining this initiative, we are confirming that we will ensure honest and transparent transfer to the euro,” says Citadele board member Kaspars Cikmačs. “By joining the “Honest Introducer of the Euro” memorandum, each business can confirm to its clients that prices will be converted from lats to euros in accordance with the official exchange rate and will not be raised just because the euro is being introduced. We would call on our partners and clients to join the memorandum, too.”
“For the purpose of client convenience, the bank will ensure that all cash that residents and entrepreneurs have at the bank will automatically be transferred to euros in accordance with the official euro exchange rate, and that will happen for free at midnight on December 31,” Cikmačs continues. “In order to ensure that residents become accustomed to the new currency in a timely way, we have been presenting prices in both currencies since early August.”
Citadele is doing this gradually, publishing both currencies on its homepage and supplementing its price list. The two currencies are also gradually being indicated in the bank’s other informative materials.
The Citadele Bank and the Latvian Finance Ministry have, since the spring of this year, been organising informational and free seminars in various Latvian cities on the introduction of the euro, bookkeeping and tax guidelines, the bank’s services, as well as the most important issue for retail companies and service providers at this time – pre-delivery of the euro and encashment services. These seminars are organised so that the transfer to the euro is as comfortable as possible, particularly for retailers and service providers. Citadele is one of just a few banks in Latvia which provide encashment services. It is also focusing special attention on employee training, as well as information for clients about issues related to the introduction of the euro.
“Honest Introducer of the Euro” is a corporate initiative in Latvia which is aimed at facilitating an honest and transparent transfer to the euro. The relevant memorandum was approved on July 12, 2013, after Latvia was officially invited to join the euro zone.
Prices for Citadele services will be based on the currency rate that has been set by the European Union’s Economic and Financial Affairs Council (ECOFIN) – EUR 1 = LVL 0.702804.
About Citadele Bank
Citadele is a local Latvian bank that offers banking, financial and asset management services. Citadele group is represented in the Latvian market as well as in 9 other countries. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. In 2012 the bank was recognized as the best-governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development (EBRD).