Citadele begins to repay state loan

  • 2011-01-19
  • TBT Staff

RIGA - Citadele Bank has repaid the Latvian state 32.8 million lats of the money that the government used to bail out Parex Bank.

Citadele Bank was created in the middle of last year out of some of the more profitable assets of Parex Banka as part of a restructuring plan aimed at reversing the fortunes of the bank, which was forced to take a government bail-out in 2008.

This is the second installment of the repayment plan that Citadele has so far offered, and comes a full six months ahead of the terms of payment.

''Thanks to the hard work of ''Citadele banka'' branches and the loyalty of our clients, we have been able to achieve better results than previously planned,'' 'Citadele banka' board chairman Juris Jakobsonstold business news portal ''''.