Former euro diplomat joins Citadele bank board

The former head of the European Union's diplomatic service has started work on the supervisory board of Latvia's Citadele bank.

An announcement to the Nasdaq market in Riga said:

"Baroness Catherine Ashton is joining the supervisory board of Citadele after receiving formal approval from the Financial and Capital Market Commission. Baroness Ashton begins performing her duties from the 3 May 2017."

“Baroness Ashton’s international experience will naturally complement and add to the global expertise of Citadele’s supervisory board members. Citadele’s management board look forward to working with Baroness Ashton and her unique knowledge and insights will be a gain for the Bank. We welcome her to the team,” said Citadele’s CEO Guntis Beļavskis.

Ashton served as the EU High Representative from 2009-2014, and is "currently involved in a number of advisory and lecturing assignments," according to the statement. Her salary for her new position at Citadele was not disclosed, but it was stated that she does not hold shares in the bank.

According to the UK's Daily Telegraph newspaper, she is still being paid a generous wage by the EU until the end of this year. 

She will join Citadele’s current supervisory board, consisting of Timothy Collins, Elizabeth Critchley, Lawrence Lavine, James L. Balsillie, Dhananjaya Dvivedi, Karina Saroukhanian, Nicholas Haag, and Klāvs Vasks.

Ashton never held elected office in her native United Kingdom, but was a close ally of former Prime Minister Tony Blair, who helped her secure both the EU job and a title, which means she also has a job in the House of Lords.

She was succeeded as EU High Representative by Federica Mogherini.

 

 

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