Citadele banka

Citadele Banka
Industry	Finance and Insurance
Founded	Latvia (2010)
Headquarters	Riga, Latvia
Key people	Guntis Beļavskis (Chairman / CEO) Valters Ābele (Member of the Board) Kaspars Cikmačs (Member of the Board) Philip Allard (Member of the Board)
Products	Financial Services
Net income	€28.35 mln (2014)^[1]
Total assets	€2329.77 mln (2014)^[1]
Total equity	€172.40 mln (2014)^[1]
Number of employees	1,500
Website	www.citadele.lv

Citadele is a full-service financial group for both private individuals and companies offering complete portfolio of banking, financial and private capital management services in its home market Latvia and through its international presence.^[2]

Citadele was one of two institutions created from a good bank/bad bank split of Parex Bank, which was privately founded 1992 and taken over by the Latvian government on November 8, 2008 during the Financial crisis of 2007–2010. The bad bank assets remained with Parex, now Reverta.

Name

Citadele (from the Italian word “citadella”) literally means a small city, a powerful fortress, and the main fortification, the heart of the feudal city which also serves as the administrative and cultural centre. The headquarters of Citadele Bank group is actually located on Citadele street, although its formal address still is Republikas laukums 2a, Riga.^[3]

Assets and ownership

Bank Citadele is the largest local bank in Latvia with branch offices in other countries, the third largest bank in Latvia in terms of attracted deposits, the fifth largest bank according to the total amount of assets and loans issued (data on 1st quarter of 2011). It is the only collaboration partner of American Express® in Latvia and Lithuania who is entitled to issue American Express credit cards.^[4] The value of Citadele Bank’s assets is 1.25 billion Lats.^[5]

Citadele major shareholders are the Republic of Latvia (75% via the state owned company Privatization agency) and EBRD (25% plus one share).^[6] Citadele operating a total of 42 branches and client service centres in Riga and throughout Latvia.^[7] The Bank has foreign branches and client service centres: in Tallinn (Estonia), Narva (Estonia), Stockholm (Sweden). The Bank owns directly and indirectly 19 subsidiaries, which operate in various financial markets sectors. The Bank is the parent company of the Group. International network outside Latvia includes: Client service centres in Estonia, Lithuania, Representative Offices in Azerbaijan, Kazakhstan and Ukraine, Citadele Asset Management Representative Offices in Russia, Belarus, Ukraine, Subsidiary in Switzerland.