OREANDA-NEWS. January 22, 2014. The council of Citadele Bank has appointed Aldis Paegle to the bank’s board. He will be responsible for the management of finances and resources, previously served as the director of the Financial Division, and has worked for the bank for seven years.

Board member Philip Allard, who previously oversaw this sector, will now represent the bank’s interests as private capital is being sought for its development. He will manage work with consultants, government institutions, regulatory institutions, and potential investors.

“We very much thank Phillip Allard for the work that he has done in terms of the finances of our bank,” says Citadele Bank council chairman Klavs Vasks. “We are confident, that under the leadership of Aldis Paegle the bank’s team will continue to improve and develop Citadele’s financial management and registration processes that are an essential component in terms of ensuring that the bank is turned over to private investors.”

“The council appreciate the investment which Aldis Paegle has made in bringing greater order to the bank’s financial operations and plans, doing so as head of the Citadele Finance Department and that is why the council has entrusted Aldis Paegle with the job of continuing to manage the bank’s finances as a board member. He has shown that he is an appropriate and responsible professional with good professional skills that allow him to make a substantial investment in Citadele’s development,” Vasks continues.

“The council appreciates the investments which Aldis Paegle has made in bringing greater order and planning to the bank’s financial operations,” says council chairman Klavs Vasks. “He has done so as director of the Financial Division and the Finance and Resources Directorate, proving himself as a responsible professional with good professional skills that ensure an essential investment in Citadele’s development. Under Aldis’ leadership, the bank’s team has continued to improve and develop our financial management and registration processes, and that is of key importance if the bank is to end up in the hands of private investors.”

Aldis Paegle entered the banking sector in 2006, and for the past three years he has served as Philip’s deputy on the board. He has directed the Financial Division and the Finance and Resources Directorate. Previously he worked for the international auditing and consulting firm “Ernst & Young Baltic”, mostly working on audits related to companies in the financial sector.

Aldis Paegle has joined the board at a time when its chairman is Guntis Belavskis, who has more than 11 years of experience in the banking sector and more than 16 years of experience in the business world. Other board members include Valters Abele, who has extensive experience in the fields of auditing and financial consultations and runs the risk management sector for Citadele; Kaspars Cikmacs, who has more than 17 years of experience in the banking sector and is responsible for areas such as information technologies, support for banking operations, administrative services, administration, security and encashment services; and Santa Purgaile, who has 19 years of experience in the banking sector and is responsible for the development and management of business for the Citadele Group in Latvia and throughout the Baltic States.

Aldis Paegle's appointment to the Board of Citadele Bank has been approved by the Finance and Capital Markets Commission.