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Lithuania's Citadele Bankas becomes branch of Latvia's Citadele Bank

RIGA - Lithuania’s Citadele Bankas has become a branch of Latvia’s Citadele Bank as a result of a reorganization, the bank said in a statement to Nasdaq Riga.

The bank’s representatives said that continuing the implementation of Citadele Group’s strategy to become the primary bank of choice in the Baltics, the reorganization of Citadele Bankas has been completed as the bank continues its operations in Lithuania as the Lithuanian branch of Latvia’s Citadele.

“The reorganization of Citadele Bankas in Lithuania is a big step towards creating a Baltic banking champion. It will enable the quicker introduction of new digital banking services to our Lithuanian customers, and the improvement of the Group’s operational efficiency,” said Citadele CEO Guntis Belavskis.

The decision to reorganize Lithuania’s Citadele Bankas by merging it with Latvia’s Citadele and setting up a Lithuanian branch was taken on July 5, 2018.

At the end of September 2018, Citadele was the fourth largest bank in Latvia by assets. Citadele bonds are quoted on the Nasdaq Baltic Bond List.

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