OREANDA-NEWS. July 01, 2010. The council of the Finance and Capital Market Commission decided to issue a lending institution license to the stock company Citadele banka. This lending institution has been established as part of the restructuring of the Parex banka, and its founder is the Latvian Privatisation Agency, reported the press-centre of Parex banka.

The head of the commission’s office, Anna Dravniece: “The council found that the Privatisation Agency, as founder of the Citadele banka, has submitted all of the necessary documents. The bank’s equity capital, its board members and its founder – the Privatisation Agency – satisfy the requirements of the law on lending institutions. There is no reason for the commission to question the legal origins of bank’s equity capital.”

On June 22, the commission received confirmation that the minimal start capital has been transferred to a temporary account at the Bank of Latvia.

“The council approved Juris Jakobsons as board chairman of the Citadele Bank,” added Anna Dravniece. “Board members will be Guntis Belavskis and Valters Abele. Members of the council will be Andzs Ubelis, Juris Vaskans and Klavs Vasks. Amanda Bikse will head up the bank’s Internal Audit Service.”

According to the Credit Institution Law, a new lending institution can start operations after it is registered in the Commercial Register and has received a license from the Finance and Capital Markets Commission.

The full text of the decision can be found at www.fktk.lv.