In a statement, the firm which is an investment management stock company (IPAS), said it "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” the statement regarding the initial-heavy new name said.
Unfortunately the main sticking point with the existing name seems to be the word "Citadele", if equivalent changes to other subsidiaries are any gauge.
"AAS Citadele Life will become AAS CBL Life, and AS Citadele Open Pension Fund will become AS CBL Open Pension Fund," the bank said.
These handle investment funds via their products, including long-term savings.
“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,” said IPAS Citadele Asset Management board chairman Uldis Upenieks.
"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,” Upenieks said.
The change in the name has been on the cards for some time and is in no way related to the Citadele Bank’s new investors, the bank said.