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Changes in Management Board of Citadele Bank

15.09.2016.

Citadele Bank announces that on December 1st, Skirmantas Jareckas will be leaving the post of Chairman of the Board and head of administration to pursue career opportunities outside Citadele Group. Dace Priede, who currently serves as a board member and Chief Business Officer at Citadele Bank, was appointed as a new CEO and and head of administration.

Skirmantas Jareckas has been with Citadele Bank since 2002. Before becoming a CEO in 2014, he served as a Member of the Management Board and Head of the Treasury Department. During his tenure, in the beginning of 2016, Citadele Bank was recognized as the best customer service provider among Lithuanian banks by Dive, a customer satisfaction research company carrying out Baltic banking service studies annually.

“We are grateful to Skirmantas for his long standing service in the Treasury Department and his work as a CEO to advance Citadele’s position in retail and SME segments in Lithuania. During the last two years Skirmantas and his team launched numerous initiatives in Lithuania helping Citadele to put our new strategy at work and achieve a solid growth in lending and deposits. We wish Skirmantas all the best with his future plans and thank him for being a valuable team member for years,” said Juris Jākobsons, Chairman of the Supervisory Board of Citadele Bank.

“I had a great time with my team in achieving big goals in a short period of time. Already in the first year under my watch we became the number one bank in Lithuania by client service satisfaction. Moreover, we surprised the market with our fixed price primary bank offer to retail customers, new products in lending to businesses, activity in consumer lending and other innovations. There is much more to come. I thank my team for their professionalism and hard work,” said Skirmantas Jareckas.

Dace Priede, nominated by the Supervisory Board as a new CEO, joined the Management Board of Citadele Bank in January, 2016 and served as Chief Business Officer. Dace Priede has been with Citadele Group since 2008; she also holds a position of Baltic Business Monitoring Division at Citadele Group, responsible for Citadele’s operations in Lithuania and Estonia. Dace Priede has a Master’s degree in Business Management from Riga International School of Economics and Business Administration, and a degree in Law from the University of Latvia.

“We see there is growing appreciation from individuals and companies for Citadele’s approach to banking in Lithuania,” said Dace Priede. “A combination of two distinct features set Citadele apart from other banks in the Baltics. The headquarters of Citadele Group are located in the Baltics, and our shareholders are banking professionals with extensive banking experience in many countries, USA and Japan included. This ensures that there is a deep understanding of Baltic economies and retail and business customers throughout the entire organization, as well as a strong customer-centric approach to banking. Lithuanian customers have noticed numerous new services resulting from our new strategy following the ownership change in early 2015: an unmatched fixed-price primary bank offer to retail customers, microloans without collateral to SMEs, individually set interest rates in consumer lending, and the introduction of various novel features such as online chat with a bank and an original branch concept combining banking with “Coffee Inn”.

About Citadele Bank

In 12 months, ranging from June 30, 2015 to June 30, 2016, the loan portfolio of Citadele Bank in Lithuania grew by 22 % and reached 266 million euros. In the business segment, the loan portfolio grew by 52.6 % and accounted for 124.9 million euros. At the end of June, the bank deposit portfolio of Citadele Bank amounted to 335.9 million euros. Deposits of resident customers grew by 38.56 % over 12 months. At the end of June, the value of assets of Citadele Bank was 434 million euros and its capital adequacy ratio was 17.20 %.

In the beginning of 2016, Citadele received high recognition for its services in Lithuania from Dive, a customer satisfaction research company carrying out Baltic banking service studies annually. In Lithuania, Citadele Bank was recognized as the best customer service provider among Lithuanian banks. In June, 2016, in Euromoney Awards of Excellence Citadele was declared Central and Eastern Europe’s Best Bank Transformation. “Restructured, recapitalised and renewed – Citadele can no longer be seen as the unsuccessful lender which was left over after the influential collapse of Parex," said a statement by Euromoney.

Citadele Bank operates branches and customer service divisions in all the major cities of Lithuania: Vilnius, Kaunas, Klaipėda, Panevėžys, Šiauliai and Alytus. Citadele Bank along with its subsidiary UAB Citadele faktoringas ir lizingas is part of Citadele Group. Citadele Group is headquartered in Latvia, and its subsidiaries are located in Latvia, Lithuania, Estonia, and Switzerland. The vision of Citadele Group is to become the best financial service provider to retail clients and SMEs in the Baltic States. Citadele provides card payment, lending, deposit, investment, asset management and leasing services, and it offers a range of exclusive and unique products.

The shareholders of Citadele are a group of international and multinational investors with extensive experience in the banking sector across the world. 75 percent plus one share is owned by an international group of investors represented by Ripplewood Advisors LLC , the remaining shares are owned by the European Bank for Reconstruction and Development.