Banka Citadele AS
IndustryBanking
Founded30 June 2010[1]
Headquarters
Riga
,
Latvia
Key people
Guntis Beļavskis
ProductsFinancial services, Insurance
Revenue€5.055 billion (2022)[2]
€168.2 million (2022)
€118.8 million (2022)
Total assets€5.4 billion (2022)[3]
OwnersRipplewood Holdings (75%)
European Bank for Reconstruction and Development (25%)
Number of employees
Increase 1,500
Websitewww.citadele.lv

AS Citadele banka is a Latvian bank and financial and asset manager.[4][5] The principal market of operation for the Citadele Group is the Baltic States.

Citadele banka is the parent company of a Group offering banking, financial and private capital management services in its home market and through its international presence.

Citadele is one of two institutions created in 2010 from a state administered split of Parex Bank into viable and distressed banking assets. The other is Reverta. Parex was privately founded 1992 and taken over by the Latvian government on 8 November 2008 during the Financial crisis of 2007–2010. The bad bank assets remained with Parex, now renamed Reverta.[6][7][8]

Citadele has been designated in 2020 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank.[9]

Name

The name Citadele is drawn from the Italian word “citadella” meaning a small city, a powerful fortress, and the main fortification at the heart of the feudal city which also serves as the administrative and cultural centre. The headquarters of the Citadele Group is located at 2a Republic Square, Riga.

Ownership

An international group of investors represented by Ripplewood Advisors LLC together with 12 reputable investors own 75% plus one of Citadele banka's shares after its re-privatization by the Latvian government. The European Bank for Reconstruction and Development (EBRD) continues to own 25% minus one of the bank's shares.[10]

References

  1. ↑ "History". Citadele Group. Retrieved 12 July 2016.
  2. ↑ Dati no Latvijas vērtīgāko uzņēmumu TOP101 - 2022
  3. ↑ Annual report 2022
  4. ↑ "JSC "Citadele banka"". Lietuvos bankas (in Lithuanian). Retrieved 2023-10-12.
  5. ↑ ""Citadele" vadovas Akerblomas: ambicijos yra gerai, o štai godumas – blogai ir jį labai sunku reguliuoti". lrt.lt (in Lithuanian). 2021-11-19. Retrieved 2023-10-12.
  6. ↑ Informacija, Ekonomikos Ir Finansų (2010-08-26). ""Parex" banko pavadinimas pakeistas į naują". Delfi verslas (in Lithuanian). Retrieved 2023-10-12.
  7. ↑ "AB "Citadele" banko inspektavimo rezultatų ir priežiūrinio tikrinimo ir vertinimo rezultatai". Lietuvos bankas (in Lithuanian). 2012-03-06. Retrieved 2023-10-12.
  8. ↑ "AB "Parex" bankas tapo AB "Citadele" banku". 15min.lt/verslas (in Lithuanian). 2010-08-26. Retrieved 2023-10-12.
  9. ↑ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  10. ↑ RIPPLEWOOD AND LATVIAN PRIVATIZATION AGENCY SIGN AGREEMENT FOR SALE OF CITADELE BANK
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