Amendments in the composition of the Council of "Citadele Asset Management" IPAS

„Citadele Asset Management” IPAS (hereinafter – Company) hereby informs that on January 31, 2012 the wholly owned subsidiary of the Company was adopted the amendments in the composition of the Council of the Company.
The Council of the Company currently consists of the following elected members: Juris Jakobsons, Philip Nigel Allard and Valters Abele. Juris Jakobsons (chairman of the Council) and Philip Nigel Allard (deputy chairman of the Council) will continue to perform their duties in the Council.
Valters Abele (Council member) is a newly elected in the Council. Valters Ābele is responsible for risk analyses functions at Citadele Bank. He runs Risk and Compliance Department. Previously Mr. Ābele managed Credit Risk Department at Parex banka and he was also elected in Parex banka’s Board of Directors in 2008. Valters Ābele has acquired extensive experience in auditing and financial consulting at such companies as Ernst & Young and Arthur Andersen. He is a member of Latvian Association of Sworn Auditors and Association of Chartered Certified Accountants. Mr. Ābele acquired his master degree in business management and international economic relations at the University of Latvia.
Philip Allard is responsible for financial management of the group Citadele. He has more than 25 years of experience in the financial sector and he has worked both in banks and insurance companies. He has had a number of CFO and FD roles for 19 years in Citibank as well as with the Aviva insurance group and ABN Amro bank. Philip Allard joined Parex banka in May 2010 to drive the bank’s restructuring process and to oversee the finance and treasury functions. After completion of the restructuring process, he joined the management board of Citadele Bank.