Belavskis to remain in post

RIGA - On July 20, the Supervisory Board of Citadele Bank resolved that the chairing of the Executive Board must be entrusted to Guntis Belavskis, the current chairman, reports Nozare.lv. Belavskis was recommended for the post by the nomination committee established by the Supervisory Board, said the bank’s representative, Baiba Abelniece.
A professional human resources recruitment company selected candidates for the post, and these candidates were further assessed by the nomination committee. The committee consisted of representatives appointed by Citadele shareholders – the Latvian Privatization Agency and the European Bank for Reconstruction and Development, as well as an independent expert from the Baltic Corporate Management Institute.

After the nomination committee’s assessment of recommendations, the Supervisory Board of Citadele Bank decided that Belavskis, the current chairman of the Executive Board, must continue chairing it.
“Citadele Bank has been steadily developing, achieving significant business results and repaying the state all of its term deposits ahead of the scheduled deadlines. The bank must carry on improving its business efficiency and ensuring sustainable results for its shareholders and Latvian taxpayers. The chairman’s main tasks will be to carry on working on improving the efficiency of the bank’s business, thus ensuring the best results possible in both client service and motivating the bank’s employees in continuing to do this highly challenging work,” points out Citadele Bank Supervisory Board Chairman Klavs Vasks.

According to Vasks, the head of the bank must have experience and the ability to achieve the set strategic goals that form the basis of the bank’s long-term growth. “Belavskis has convincingly proven his professionalism both during his previous term and the assessment of candidates. I am sure that Citadele Bank will continue to grow successfully under his management,” says Vasks.
“I am thankful for the trust that the nomination committee and the Supervisory Board have shown to the current management of the bank, and I am well aware of my responsibilities toward the bank’s shareholders and taxpayers,” explains Belavskis.

“We have worked hard to develop the bank’s business strategy and a new organizational culture. Therefore, we are able to achieve such good results as we are witnessing now. Citadele’s management model has been officially recognized as the best model among corporations in the Baltic States. The work we have invested has started to bear fruit and the bank’s value steadily increases. Therefore I am proud of my team and have complete faith in it. I have to mention, however, that many challenges loom in the European and global financial sector and this is the reason why we will have to work even harder on efficient solutions, cost control and increasing profitability,” said Belavskis.
Belavskis has been chairing Citadele Bank since May 1, 2012.