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Latvia's Citadele banka changes status of Lithuanian unit to branch

Latvia-based AS Citadele banka completed the absorption of Lithuanian unit Citadele Bankas AB and changed its legal status to a branch.

The branch took over all assets and liabilities of the subsidiary as part of the change.

The bank said the reorganization enables its Lithuanian customers to access an improved mobile application with a faster and easier authorization process. The improvements also include plans for a new online bank, it noted.