The FCMC allows the liquidator ‘ABLV Bank’ to transfer part of the loan portfolio

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Evaluating the submitted documents, the FCMC has concluded that by submitting ABLV’s transfer proposal and selecting Citadele banka as the relevant business partner, ABLV’s liquidators have acted in accordance with the established principle – to ensure the protection of ABLV’s creditors’ interests. By choosing the most advantageous offer that meets the market conditions and ABLV’s liquidation plan, funds will be recovered to cover creditors’ claims, the FCMC points out.

The transfer of ABLV’s loan portfolio to Citadele banka will take place gradually and is planned to be completed in the second half of 2021.

Both ABLV customers whose mortgage loans will be transferred to Citadele banka will be contacted in person by both Citadele banka and ABLV to inform about the further steps that will be taken in connection with the transfer of the specific loan to Citadele banka. . The terms of the loan agreements will remain unchanged during the transfer of loans to Citadele banka.

Until the receipt of the transition notification, the customers must continue to fulfill their obligations as before, by repaying the loans to the “ABLV” account.

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