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Citadele Bank Lithuania Unit Reduces Registered Capital by Half

Nov. 21 (Bloomberg) -- The Lithuanian unit of Citadele Banka AS, Latvia’s state-owned retail lender, got central bank approval to cut its registered capital by almost half.

The Bank of Lithuania’s Supervisory Council decided today that AB Citadele Bankas could reduce its capital by 137.3 million litai ($50.9 million) to 148.9 million litai and still meet all risk-related requirements, the central bank said in an e-mailed statement.

“The bank currently has sufficient capital and seeks to use it as effectively as possible,” the Lithuanian lender said in a statement.

The Latvian government plans to sell Citadele, which was split from Parex Banka after a run on deposits triggered a government rescue in the Baltic nation’s second-biggest lender in 2008.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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