Citadele Bank to reform Lithuanian subsidiary as branch office
Citadele Bank has decided to reform its Lithuanian subsidiary as a branch office, as confirmed in the statement the bank submitted to Nasdaq Riga.
The bank’s representatives say the final decision in regards to reorganization of Lithuanian subsidiary and merging it with Latvia’s Citadele Bank to form a branch office in Lithuania was made on 5 July.
In accordance with the Law on Commerce, Citadele Bank’s customers have the right to receive creditor claim if it is proved reorganization puts at risk satisfaction of their claim. Customers can submit applications until 20 August 2018.
It is planned that the organization will be finished in the first half of 2019. Once it is done, Citadele Bank will have its main headquarters in Latvia with branch offices in Lithuania and Estonia, as well as a subsidiary in Switzerland.
A new Citadele office will be opened in Lithuania as part of the reorganization process. With that, this office will take over Citadele Bank’s assets and provide all functions and customer services. Reorganization is not expected to affect customer services in Lithuania.