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

Minister: budget deficit to narrow, debt-to-GDP ratio to stabilize in 2021

The Lithuanian state's 2021 budget bill has been drafted with the aim of reducing the general...

One in 3 Lithuanians feels anxious about money

Thirty-nine percent of Lithuanians feel anxious about their finances every day, which adversely...

Simonyte: key budget issue is what to do with borrowed money (1)

The key question related to Lithuania's next year budget is what will be done with borrowed money...

Minister: Lithuania financially capable of withstanding another coronavirus outbreak

Lithuania would be financially capable of withstanding another coronavirus outbreak, Finance...

A new commercial bank has launched operations in Lithuania

PayRay , a Lithuanian financial sector company, has started a new page of its business service...

Top news

Vilnius, Kaunas, Klaipeda put on lockdown Nnew coronavirus restrictions in Lithuania

Lithuania's government has on Monday placed Vilnius, Kaunas, Klaipeda and another five municipalities...

Colin P. Clarke, Asfandyar Mir | D+ nariams

Al Qaeda’s leader is old, bumbling, and a terrorist mastermind

Ayman al-Zawahiri isn’t trying to plan another 9/11 attack—because he doesn’t need to.

Simonyte initiates coalition formation vows to change anti-coronavirus model

Ingrida Simonyte , the conservative Homeland Union – Lithuanian Christian Democrats ' candidate...

766 new coronavirus cases

On Sunday, Lithuania already announced the record number of new coronavirus cases. 766 new cases...

Armonaite wins parliament election in special constituency for expats

Ausrine Armonaite , leader of Lithuania's Freedom Party , has been elected to the Lithuanian Seimas...

|Maža didelių žinių kaina