OREANDA-NEWS. March 16, 2011. Philip Allard, Member of the Board and Chief Financial Officer of Citadele Bank, elected to the Board of British Chamber of Commerce in Latvia as one of the three new Board Members, reported the press-centre of Citadele Bank.

“Corporate lending for development of Latvia’s economy is an important area of Citadele Bank’s business activity. Participation in the Board of British Chamber of Commerce which is the largest union of entrepreneurs in Latvia will make Citadele Bank an even stronger partner for entrepreneurs not only in the scope of Latvia but also in terms of strengthening international cooperation, mutual expansion of trade network and attraction of investments between Latvia, the UK and other countries,” says Philip Allard.

In Citadele Bank, Philip Allard is responsible for managing financial resources. He has more than 25 years of experience in the financial sector in various European countries. P. Allard has worked as Finance Director of banks in the UK, France, Germany and several other European countries for Citibank and ABN Amro and has held the post of International Finance Director of Norwich Union, an insurance company. Mr. Allard has worked in Latvia since May 2010 when he was invited as a consultant to support the successful implementation of Parex banka’s restructuring process and for coordinating the work of the bank’s Finance and Treasury Directorate. After completion of the bank’s restructuring process, Philip Allard agreed to continue working for Citadele Bank by professionally contributing to ensuring the Bank’s stability and development.

Apart from Philip Allard, Douglas Balchin, CEO of “Zebra Friendly Movers”, and Cameron Greaves, Member of the Board of “VCG” Ltd, were elected in the Board of the British Chamber of Commerce. The Board is elected for a period of two years.

British Chamber of Commerce in Latvia was founded in 1996 and it is the largest union of entrepreneurs in the state. Companies from Latvia, the UK, Sweden, USA, Finland, Denmark, Iceland and Norway are among its members.

The Chamber of Commerce provides entrepreneurs with an opportunity to meet with topical international experts, facilitates mutual trade and supports responsible and sustainable business practice in Latvia. Citadele Bank actively participates also in the US Chamber of Commerce in Latvia and Latvian Chamber of Trade and Commerce by developing close cooperation with companies which participate in these organizations and by offering them both – the Bank’s experience and expertise in business development and financing.

About Citadele Bank
Citadele is the largest local Bank in Latvia with branch offices in other countries. AS “Citadele Banka” was established to inspire people and enterprises to growth and enhance regional development. It is the only collaboration partner of American Express® in Latvia and Lithuania who is entitled to issue American Express credit cards. Presently, 75% of its shares are owned by Privatization Agency and the European Bank for Reconstruction and Development possesses 25% plus one of its shares. The value of Citadele Bank’s assets is 1.4 billion Lats.