Former bank regulator joins bank board

Latvia's former top financial regulator, Financial and Capital Market Commission (FKTK) head Kristaps Zakulis, has been confirmed as a member of the board at Luminor Bank, the LETA newswire reported on Friday 13th October.

Kerli Gabrilovica has been appointed the CEO of Luminor Bank in Latvia, and the other members of the bank's board are Janis Buks, Ivita Asare, and former DNB Banka CEO Janis Teteris.

The Financial and Capital Market Commission's public relations officer Agnese Licite told LETA that the commission's members had to observe all the relevant requirements on holding the office of a public official.

It is less than two years since Zakulis resigned in January 2016, immediately after Saeima voted to dismiss him

But the Financial and Capital Market Commission said it had no objections to Zakulis becoming a member of Luminor Bank's board because it was more than two years since he made any ruling in his official position that directly affected the bank in question.

Luminor was formed recently from the merger of two banks, Nordea and DNB. 

Luminor is at present the third biggest bank in the Baltics whose deposit market share is 16 percent and loan market share 23 percent.

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