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Competition Council allows Citadele to take over part of GE Money's assets

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe Competition Council (CC) has made the decision to allow Citadele to procure assets of GE Money. These assets include loan agreements, deposit agreements, finance leases and brokerage agreements and state-funded and private pension schemes pension funds and open investment fund.

According to CC’s decision, the merging permission will not impact competition on any of the markets.

As a result of this merging, Citadele, Citadele Asset Management and AS Citadele Pension Fund will gain the assets of GE Money Bank, GE Money Asset Management and GE Money pension fund.

Companies mentioned in the merging report that GE Money’s clients fall under the range of services offered by Citadele. Also, their geographical distribution allows Citadele to offer the same range of services as GE Money did. Over the past several years, GE Money had gradually reduced its range of services. Citadele’s goal, on the other hand, is to develop its client services and offer them a wide range of different services.

Citadele will be taking over certain client contracts between GE Money Group and its clients, with Citadele Group acting as GE Money Group. Contracts previously signed with GE Money Group will now feature Citadele Group instead.

These contracts will be taken over without any amendments, with all bank’s rights and obligations. Conditions of clients’ contracts will not be changed in any way. Clients’ relations with the bank will remain the same as they were before the merging.

It was previously reported that all GE Money subsidiaries will leave Latvia’s market in the near future.

There are currently six GE Money companies in Latvia – GE Money Bank, GE Money pension fund, GE Money Asset Management, AS GE Money, SIA GE Money Latvia Holdings and SIA Finstar Baltic.

Some of GE Money Bank’s assets will be handed over to Citadele Bank.

Ref: 102.109.109.8791


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