Citadele Banka

{{Infobox company | name = Banka Citadele AS | logo = Citadele logo RGB.png | logo_size = 180px | vector_logo = | image = Green Hall Complex in Vilnius by Augustas Didžgalvis.jpg | image_size = | image_caption = Lithuanian headquarters in Vilnius | type = | foundation = 30 June 2010<ref>{{Cite web |url=http://www.cblgroup.com/en/citadele-group/citadele-bank-latvia/history/ |title=History |publisher=Citadele Group |accessdate=12 July 2016}}</ref> | founder = | location_city = Riga | location_country = Latvia | location = | origins = | key_people = Guntis Beļavskis | area_served = | industry = Banking | products = Financial services, Insurance | market cap = | assets = {{increase}} €5.4 billion (2025) | equity = | revenue = | operating_income = {{decrease}} €221.5 million (2025) | net_income = {{decrease}} €84.7 million (2025) | num_employees = {{decrease}} 1,288 (2025) | parent = | subsid = | owners = Ripplewood Holdings (73.4%)<br>EBRD (24.6%)<br>Management, employees and other investors (1.9%)<br>Citadele Banka (0.1%) | caption = | homepage = [http://www.citadele.lv www.citadele.lv] | dissolved = | footnotes = <ref name="one">{{cite web|title=Annual Report 2025|url=https://www.cblgroup.com/media/W1siZiIsIjIwMjYvMDMvMTkvOG9icXc4MzVubV9DaXRhZGVsZV9Bbm51YWxfcmVwb3J0XzIwMjUucGRmIl1d?sha=e68c93f08d3acc0c&_gl=1*zwpr6y*_up*MQ..*_ga*MTc3OTY4NTgxMy4xNzc4Njc3ODI3*_ga_7W8K50G913*czE3Nzg2Nzc4MjYkbzEkZzAkdDE3Nzg2Nzc4MjYkajYwJGwwJGgw|access-date=2026-05-13}}</ref><ref>{{cite web | title=Citadele bank HQ in Rīga bought by Lithuanian investment fund | website=Eng.lsm.lv | date=2020-11-12 | url=https://eng.lsm.lv/article/economy/business/citadele-bank-hq-in-riga-bought-by-lithuanian-investment-fund.a381453/ | access-date=2024-02-13}}</ref><ref>{{cite web | title=Citadele Bank is moving its Lithuanian headquarters to Green Hall business valley | website=en.15min.lt | date=2020-03-13 | url=https://www.15min.lt/en/article/economy/citadele-bank-is-moving-its-lithuanian-headquarters-to-green-hall-business-valley-527-1289032 | access-date=2024-02-13}}</ref> }}

'''AS Citadele banka''' is a Latvian bank and financial and asset manager.<ref>{{cite web | title=JSC "Citadele banka" | website=Lietuvos bankas | url=https://www.lb.lt/lt/finansu-rinku-dalyviai/jsc-citadele-banka | language=lt | access-date=2023-10-12}}</ref><ref>{{cite web | title="Citadele" vadovas Akerblomas: ambicijos yra gerai, o štai godumas – blogai ir jį labai sunku reguliuoti | website=lrt.lt | date=2021-11-19 | url=https://www.lrt.lt/naujienos/verslas/4/1546126/citadele-vadovas-akerblomas-ambicijos-yra-gerai-o-stai-godumas-blogai-ir-ji-labai-sunku-reguliuoti | language=lt | access-date=2023-10-12}}</ref> 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 2008 Latvian financial crisis. The bad bank assets remained with Parex, now renamed Reverta.<ref>{{cite web | last=Informacija | first=Ekonomikos Ir Finansų | title="Parex" banko pavadinimas pakeistas į naują | website=Delfi verslas | date=2010-08-26 | url=https://www.delfi.lt/verslas/verslas/parex-banko-pavadinimas-pakeistas-i-nauja-35833237 | language=lt | access-date=2023-10-12}}</ref><ref>{{cite web | title=AB "Citadele" banko inspektavimo rezultatų ir priežiūrinio tikrinimo ir vertinimo rezultatai | website=Lietuvos bankas | date=2012-03-06 | url=https://www.lb.lt/lt/naujienos/ab-citadele-banko-inspektavimo-rezultatu-ir-prieziurinio-tikrinimo-ir-vertinimo-rezultatai | language=lt | access-date=2023-10-12}}</ref><ref>{{cite web | title=AB "Parex" bankas tapo AB "Citadele" banku | website=15min.lt/verslas | date=2010-08-26 | url=https://www.15min.lt/verslas/naujiena/finansai/ab-parex-bankas-tapo-ab-citadele-banku-662-112870 | language=lt | access-date=2023-10-12}}</ref>

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.<ref>{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref><ref>{{Cite web |title=European Central Bank takes over direct supervision of Citadele banka |url=https://eng.lsm.lv/article/economy/banks/european-central-bank-takes-over-direct-supervision-of-citadele-banka.a388465/ |access-date=2024-05-22 |website=eng.lsm.lv |language=en}}</ref>

In 2024 the CEO Johanas Åkerblomas was replaced by Rūta Ežerskienė.<ref>{{Cite web |last=Gapšys |first=Justinas |title="Citadele" bankui vadovaus R. Ežerskienė |url=https://www.vz.lt/rinkos/2024/05/20/citadele-bankui-vadovaus-r-ezerskiene |access-date=2024-05-22 |website=vz.lt |language=lt}}</ref>

== 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== At the end of 2025, 73.4% of Citadela Bankas shares were owned by an international group of investors represented by Ripplewood Advisors LLC. The European Bank for Reconstruction and Development (EBRD) continues to own 24.6% of the shares, while the management, employees and other investors own 1.9% of the shares. Citadele Banka owns 0.1% of the shares.<ref name="one"/>

== Citadele expansion to the Baltic countries == Following its establishment in Latvia, Citadele Banka expanded its operations into Estonia and Lithuania.

=== Estonia === Citadele opened a branch in Estonia in 2010, with a focus on small to medium-sized businesses. In 2017, the branch started offering retail services.<ref>{{Cite web |date=2018-01-10 |title=Jaan Liitmäe started as the new Head of Citadele branch in Estonia {{!}} Press releases {{!}} Media {{!}} Citadele Group |url=https://www.cblgroup.com/en/media/press-releases/2018/jaan-liitmae-started-as-the-new-head-of-citadele-branch-in-estonia/ |access-date=2026-05-11 |website=www.cblgroup.com |language=en}}</ref><ref>{{Cite web |last= |first= |title=Citadele Bank to expand its retail banking operations in Estonia |url=https://www.baltic-course.com/eng/finances/://baltic-course.com/eng/finances/?doc=126970 |access-date=2026-05-12 |website=The Baltic Course {{!}} Baltic States news & analytics}}</ref>

In 2022, Citadele and the EIB Group agreed on a framework that will provide at least €460 million in new loans to companies in Estonia, Lithuania and Latvia, with a focus on small and medium-sized enterprises and climate-related projects.<ref>{{Cite web |title=EIB Group and AS Citadele banka announce a deal to support at least €460 million in new lending for Baltic businesses |url=https://www.eib.org/en/press/all/2022-512-as-citadele-banka-and-eib-group-announce-a-deal-to-support-at-least-eur460-million-in-new-lending-for-baltic-businesses |access-date=2026-05-11 |website=European Investment Bank |language=en}}</ref>

=== Lithuania === Citadele initially operated in Lithuania through its subsidiary AB Citadele bankas since 2010.<ref>{{Cite web |title=AB „Parex“ bankas tapo AB „Citadele“ banku |url=https://www.15min.lt/verslas/naujiena/finansai/ab-parex-bankas-tapo-ab-citadele-banku-662-112870 |access-date=2026-05-12 |website=15min.lt/verslas |language=lt}}</ref> In 2018, the Citadele Group started the process of restructuring the subsidiary into a branch.<ref>{{Cite web |date=2018-04-20 |title=AS Citadele banka has made decision to change AB Citadele bankas legal status from subsidiary to branch {{!}} Announcements {{!}} Investor relations {{!}} Citadele Group |url=https://www.cblgroup.com/en/investors/announcements/2018/as-citadele-banka-has-made-decision-to-change-ab-citadele-bankas-legal-status-from-subsidiary-to-bra/ |access-date=2026-05-11 |website=www.cblgroup.com |language=en}}</ref> The restructuring process was completed in January 2019, when AB Citadele bankas legally became the Lithuanian branch of Citadele Banka.<ref>{{Cite web |title=Banking Activity Review |url=https://www.lb.lt/uploads/publications/docs/21647_6d190138b42e719f2ff154b054b86d62.pdf |access-date=2026-05-12}}</ref>

In March 2020, Citadele Bank invested €10 million in a partnership with fintech firm SME Finance. It was the first collaboration between a bank and fintech in Lithuania.<ref>{{Cite web |last=Čiulada |first=Paulius |title=„Citadele“ pasiruošęs finansuoti 10 mln. Eur neapmokėtų sąskaitų - Verslo žinios |url=https://www.vz.lt/rinkos/2020/03/16/citadele-pasiruoses-finansuoti-10-mln-eur-neapmoketu-saskaitu |access-date=2026-05-11 |website=vz.lt |language=lt}}</ref><ref>{{Cite web |title=Citadele Bank invests €10m in SME Finance |url=https://www.fintechfutures.com/commercial-sme-lending/citadele-bank-invests-10m-in-sme-finance |access-date=2026-05-12 |website=FinTech Futures |language=en}}</ref> In 2021, the bank launched Klix Pay Later.<ref>{{Cite web |title=„airBaltic“ pristato „Klix“ mokėjimo priemonę |url=https://www.15min.lt/verslas/naujiena/bendroves/airbaltic-pristato-klix-mokejimo-priemone-663-1612712 |access-date=2026-05-11 |website=15min.lt/verslas |language=lt}}</ref><ref>{{Cite web |date=2021-12-10 |title=airBaltic introduces Klix payment option {{!}} Press releases {{!}} Media {{!}} Citadele Group |url=https://www.cblgroup.com/en/media/press-releases/2021/airbaltic-klix/ |access-date=2026-05-12 |website=www.cblgroup.com |language=en}}</ref>

In 2025, Citadele partnered with the European Investment Fund under the InvestEU programme for up to €138 million in preferential financing for SMEs and microbusinesses across the Baltics.<ref>{{Cite web |title=EIF and Citadele Bank Partner to Provide Up to €138 Million in Preferential Loans for Baltic Businesses {{!}} EuropaWire |url=https://news.europawire.eu/eif-and-citadele-bank-partner-to-provide-up-to-e138-million-in-preferential-loans-for-baltic-businesses/eu-press-release/2025/06/03/13/23/39/155740/ |access-date=2026-05-11 |language=en-US}}</ref> In 2026, Citadele partnered with ČEKIS cash register and Site.pro accounting software for an integration<ref>{{Cite web |title=Integration possibilities with Site.pro {{!}} Citadele bank |url=https://www.citadele.lt/en/business/site-pro/ |access-date=2026-05-11 |website=www.citadele.lt |language=en}}</ref> as a part of i.EKA cash registers optimization project.<ref>{{Cite web |title=Tarp verslų – sumaištis dėl kasos aparatų: didelė dalis nespėja pasiruošti laiku, gresia baudos |url=https://www.lrytas.lt/verslas/rinkos-pulsas/2025/12/10/news/tarp-verslu-sumaistis-del-kasos-aparatu-didele-dalis-nespeja-pasiruosti-laiku-gresia-baudos-40562813 |access-date=2026-05-11 |website=www.lrytas.lt |language=lt}}</ref>

== References == {{Reflist}}

== External links == * https://www.citadele.lv/ Citadele banka * https://www.citadele.ee/ Citadele banka in Estonia * https://www.citadele.lt/ Citadele bankas in Lithuania * https://www.cblgroup.com/ Citadele Group * [https://archive.today/20130119114924/http://www.citadelebank.com/en/ Citadele Banka]

Category:Banks of Latvia Category:Banks established in 2010 Category:Companies based in Riga Category:Latvian companies established in 2010 Category:Banks under direct supervision of the European Central Bank