RIGA, Jan 15 (LETA) - The Financial and Capital Market Commission (FCMC) has give Citadele Bank permission to take over the Latvian branch of Danske Bank, the regulator informed LETA.
The regulator's decision is based on the transition proposal submitted by Danske Bank to the FCMC on December 16, 2019.
Upon assessing the documents submitted by Danske Bank according to the Credit Institutions Law, the FCMC has concluded that the transaction will not have a negative effect on Citadele Bank's operations or the protection of clients' interests (the rights and obligations under the agreements concluded with the Latvian branch of Danske Bank remain in force).
The commercial assets of the Latvian branch of Danske Bank will be sold already in February, implementing Danske Bank's strategy to exit the Latvian market.
As reported, Danske Bank has announced a plan to cease operations in the Baltic states and Russia.
© Pakistan Press International, source Asianet-Pakistan