Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 04.06.2020, 04:50

Latvia's Citadele Bank and Visa to cooperate in creation of innovative bank cards in Baltics

BC, Riga, 27.04.2017.Print version
Latvia's Citadele Bank has signed an agreement for a long-term partnership with global payments technology company Visa on close cooperation in developing a new and innovative card and other payment offers to be introduce in all three Baltic states over the next six years, the bank announced.

The first joint product developed by Visa and Citadele is a new brand of credit card with three card types: “X Card”, “X Platinum” and “X Infinite,” for all client segments. EUR 3 mln have been invested in the new card offer.

"In creating the “X" brand cards, we were led by the goal of developing the best credit card in the region. It has been designed as a new generation credit card - uniting in one card all the best that we can offer our customers - loyalty benefits, technology, and a wide acceptance network. The new “X” cards will have contactless functions and in the future they will support mobile payments,” says Guntis Belavskis, CEO of the Citadele Bank.

Card holders will be able to use the discount and point exchange loyalty program RELAX as well as the chance to gain plane tickets from their purchases, use insurance, enjoy an individualized credit limit and other benefits.

Citadele’s partnership with Visa will gradually replace American Express cards issued by Citadele in Latvia and Lithuania.

Citadele Bank, created as a result of restructuring of the bailed-out Parex Bank, became operational on August 1, 2010. In April 2015, the Latvian government sold its 75% stake in Citadele Bank to a group of international investors led by US private equity firm Ripplewood. The European Bank for Reconstruction and Development (EBRD) kept its 25%  stake in Citadele Bank.

Citadele Bank was the sixth largest bank in Latvia by assets at the end of 2016.

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