aA
Latvia continues to clean up its banking sector, the head of the Lithuanian Banks' Association (LBA) said on Friday after the neighboring country announced the closure of another commercial bank, PNB Banka.
Mantas Zalatorius
Mantas Zalatorius
© DELFI / Kiril Čachovskij

According to LBA President Mantas Zalatorius, Citadele, a Latvian bank operating in Lithuania, differs from PNB Banka or ABLV in that it does not serve non-residents.

"This is not news. (PNB Banka) is a bank that was primarily intended to serve non-Latvian citizens. This can happen to several other Latvian banks; such speculation is going on in the market," Zalatorius told BNS.

"It was known more than a year ago that several more banks would be closed following the bankruptcy of ABLV," he said. "All these processes are part of efforts to make the Latvian banking market transparent and combat money laundering."

Zalatorius says the collapse of PNB Banka will have no impact on the Lithuanian market, noting that it cannot be compared with Citadele.

"It is an entirely different bank. Citadele cannot be compared with the bank that went bankrupt," the association's president said.

"Few people probably heard of that bank (PNB Banka), because it served a completely different purpose. Its purpose was to serve certain people outside the Latvian or Lithuanian jurisdictions," he added.

It was announced on Thursday that PNB Banka, the sixth-largest Latvian bank by assets, would be shut down.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Sapoka: country's economy is withstanding pandemic challenges very well

Lithuania's economy is coping very well with challenges induced by the coronavirus crisis, and the...

Zalatorius steps down as head of Lithuania's banking association

Mantas Zalatorius , suspected of corruption, is stepping down as head of the Association of...

Coronavirus-triggered economic crisis less severe than in 2009

Lithuania's gross domestic product contracted by 3.7 percent in the second quarter of 2020 from a...

Kucinskas is under investigation in Lithuania as well

Vidmantas Kucinskas , the founder of the Arvi business group who has been recently detained in...

Sources: Game Insight hit by Chinese hackers (2)

Game Insight , a Lithuanian developer and publisher of free-to-play mobile games and social-network...

Top news

Lithuania to register all air and sea travelers as of Monday (1)

As of Monday, all travelers arriving in Lithuania from abroad by air or sea will have to register...

Belarus moves Lithuanian kindergarten in Astravyets district to new premises

Amid tensions over the Astravyets nuclear power plant, Belarus has moved the Lithuanian...

23 new coronavirus cases

On Thursday 23 new COVID-19 cases were confirmed in Lithuania. Overall, it adds to 219 confirmed...

Veryga: Poland 'very likely' to be added to coronavirus blacklist

Lithuania will decide on Friday if to impose a mandatory 14-day self-isolation period for arrivals...

Nauseda calls on Health minister to cut short his vacation (1)

Lithuanian President Gitanas Nauseda has called on the country's Health Minister Aurelijus Veryga to...

|Maža didelių žinių kaina