Ci­tadele Bank to reform Lithua­nian sub­sidiary as branch of­fice

Baltic News Network - - News -

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.

Ieva Lūka/LETA

Newspapers in English

Newspapers from Latvia

© PressReader. All rights reserved.