The Citadele Bank subsidiary Citadele Asset Management, which is an investment management stock company (IPAS) is planning to expand operations abroad, and in order to ensure that the name of the company is international and more easily perceived in any culture, it is changing its name to IPAS CBL Asset Management.
The purpose of the new name is to strengthen the company’s international reputation while maintaining links to the Citadele Bank and its name. “CBL” is an abbreviation of “Citadele Bank Latvia.”
Along with the change in the name of Citadele Asset Management, its subsidiaries are also changing their names. AAS Citadele Life will become AAS CBL Life, and AS Citadele Open Pension Fund will become AS CBL Open Pension Fund. These handle investment funds via their products, including long-term savings.
“During four years of operations, the assets handed over to the company for management have increased by 1.5 times, and the number of managed funds has also increased,” says IPAS Citadele Asset Management board chairman Uldis Upenieks. “Citadele Asset Management has received praise from major international investment fund information and financial research companies such as Morningstar and Lipper. Right now we are actively looking for markets outside of the Baltic States for our funds.”
“The word ‘Citadele’ is comparable to the name of products that are offered by other foreign companies, and that limits the company’s development to a certain extent,” Upenieks adds. “The new name, IPAS CBL Asset Management maintains links with the Citadele Bank, because it is an abbreviation of ‘Citadele Bank Latvia.” We plan to use this name to strengthen our reputation in the international environment. One of our major areas of operations next year will be to expand our operations in the European market.” The board chairman also says that he and his colleagues have worked for a long time on changing the name and visual image of IPAS Citadele Asset Management. The change in the name is in no way related to the Citadele Bank’s new investors.
All agreements with IPAS Citadele Asset Management, AAS Citadele Life and AS Citadele Open Pension Fund remain in force, and the name change will not affect the agreements.
IPAS Citadele Asset Management is one of the leading investment management companies in the Baltic States, offering services to local and international individuals, corporate clients, investment funds, 2nd and 3rd level pension plans and insurance companies. Citadele Asset Management has a presence in Russia, Belarus and Kazakhstan. Some Citadele investment funds have also been registered for public distribution in Germany, Estonia and Sweden.
The insurance stock company Citadele Life offers resource accumulation and life insurance services, while the stock company Citadele Open Pension Fund offers savings at the 3rd pension level. Accumulation of resources is mostly based on Citadele Asset Management investment funds.
The homepage for all three companies as of January 15, 2015, will be www.cbl.lv.