Citadele Bank (Latvia)

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

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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 provide 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.

Citadele Bank Chairman of the Management Board Guntis Beļavskis: “Put simply, the reorganisation of the Bank in Lithuania means the change of its legal status from subsidiary to branch. This decision was made to be able to introduce digital banking services more quickly in Lithuania, and allow 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, the depositors and business partners 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 25th August 2018 at Republikas laukums 2A, Riga, LV-1010.

As reported, Citadele Bank had previously received a conceptual confirmation from the Bank of Lithuania and the Latvian Financial and Capital Market Commission on merging subsidiary AB “Citadele” bankas with AS “Citadele banka”.