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.
On 24.04.2018 the Latvian Financial and Capital Market Commission gave their approval to merge AB Citadele bankas with AS Citadele banka.
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.
Citadele clients in Lithuania will benefit from this change, because they will have faster access to more convenient financial services. In the coming years, Citadele clients in Lithuania will see significant growth in the offering of digital services”.
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.
Clients will be informed individually about new products and services. Clients can continue to use the current bank services and products as usual.
Citadele is the third-largest bank in Latvia by number of clients. The bank’s shareholders are the European Bank for Reconstruction and Development and an international group of investors with global experience in the banking sector. The Citadele Group is managed from Latvia with subsidiaries and branches in Latvia, Lithuania, Estonia and Switzerland. Citadele provides transactions and card payments, loans, deposits, investments, active management and leasing services, as well as a range of exclusive, unique products. In 2017 one of the leading customer service evaluation and improvement companies in Central and Eastern Europe, Dive, acknowledged Citadele as the bank with the best customer service in Latvia and Lithuania.