Citadele Asset Management, a subsidiary of Citadele Bank, has decided to rename itself as IPAS CBL Asset Management as part of its plan to expand operations abroad.
As part of the change, Citadele’s subsidiaries of AAS Citadele Life and AS Citadele Open Pension Fund will be renamed as AAS CBL Life and AS CBL Open Pension Fund respectively.
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However, the rebrand will not impact the agreements with IPAS Citadele Asset Management, AAS Citadele Life and AS Citadele Open Pension Fund and will not affect Citadele Bank’s new investors.
IPAS Citadele Asset Management board chairman Uldis Upenieks said: "During four years of operations, the assets handed over to the company for management have increased by 1.5 times, and the number of managed funds has also increased.
"The new name, IPAS CBL Asset Management maintains links with the Citadele Bank, because it is an abbreviation of ‘Citadele Bank Latvia. One of our major areas of operations next year will be to expand our operations in the European market," Upenieks added.
