This is to inform that on 25 August 2010, SC “Parex” bankas registered its new name of SC “Citadele” bankas in line with all provisions of the law. The name of the Bank was changed along with altering the name of its sole shareholder, the bank in Latvia.

SC “Citadele” bankas in Lithuania became part of the group of the newly founded Latvian Citadele bank and, according to the laws and regulations, took over all the rights and obligations of SC “Parex” bankas. The shareholders of Latvian AS “Citadele banka” include the Latvian State (75% stake) and the European Bank for Reconstruction and Development (25% stake).
The process of restructuring Latvian AS “Parex banka” resulted in the founding of a new bank in Latvia, which was given the name “Citadele”. Upon agreement from shareholders of Latvian AS “Parex banka” and AS “Citadele banka” (the Latvian Privatisation Agency, which represents the Latvian State as shareholder, and the European Bank for Reconstruction and Development), it was decided that SC “Parex” bankas in Lithuania would also be part of Latvian Citadele bank group. Latvian AS “Citadele banka” became the sole shareholder of SC “Citadele” bankas in Lithuania.
The daughter company of SC “Citadele” bankas, JSC “Parex faktoringas ir lizingas”, was likewise renamed into JSC “Citadele faktoringas ir lizingas”. The other one JSC “Parex investicijų valdymas” is now called JSC “Citadele investicijų valdymas”.

Renamed into SC “Citadele” bankas, the bank in Lithuania will continue fulfilling all contractual obligations of SC “Parex” bankas. The bank’s legal form, registered office, legal entity code, VAT identity code, registry manager, SWIFT/BIC code and bank code remain unchanged.

After restructuring Latvian AS “Parex banka” the group of the new “Citadele” bank will have operations in 12 countries: Latvia, Lithuania (SC “Citadele” bankas), Estonia, Sweden, Germany, Switzerland, Kazakhstan, Belarus, Russia, Ukraine, Moldova and Azerbaijan.
In all the countries where it plans business AS “Citadele banka” group will pursue a common product creation and development and customer service strategy and will offer its clients top-quality services. It should be noted that “Citadele” bank will also continue co-operation with American Express and will remain the American Express exclusive partner in Latvia and Lithuania with the right to issue and service American Express credit cards.

The Lithuanian market remains the business priority of SC “Citadele” bankas. The bank will continue developing programmes for target customer groups started in 2006: crediting for SME, the Agro programme for farmers and agricultural companies, the “Senior” programme for pensioners and Private Banking services. The bank’s daughter company “Citadele faktoringas ir lizingas” will primarily focus on leasing of passenger cars for individual clients.
About SC “Citadele” bankas:
AS “Citadele banka” group has operations in the Baltic countries, CIS, Sweden, Germany and Switzerland. In Lithuania, “Citadele” bank group is represented by SC “Citadele” bankas with its daughter company JSC “Citadele faktoringas ir lizingas” and JSC “Citadele investicijų valdymas”. The network of bank subdivisions consists of 15 customer service units and a Private Banking Unit. SC “Citadele” bankas is Lithuania’s only official issuer and servicer of American Express credit cards.