Banks, EU – Baltic States, Financial Services, Good for Business

“Restructured, recapitalized and renewed – Citadele can no longer be seen as the unsuccessful lender which was left over after the influential collapse of Parex. Citadele is now in a good place from which to serve Latvia’s economic recovery,” the magazine said in a statement.

Citadele Bank’s board chairman Guntis Belavskis said in a press release that, in the six years since the bank’s restructuring, by improving results the Citadele Bank had given over EUR 1 bln in new loans to the Baltic economy, indirectly creating hundreds of new jobs in the businesses to which the bank gave development opportunities.

”This highest level of recognition confirms the professionalism of our employees and shareholders. It is also recognition of the high business ideals that we work with and shows that we are on the right path. We want Citadele to become the first answer that comes to mind when asked: what is the best bank in the Baltics for citizens and small- and medium-sized businesses,” he said.

The Euromoney Awards for Excellence, launched in 1992 and now in its 25th year, were the first of their kind in the global financial publishing industry. Euromoney’s award decisions are made by a committee of senior journalists, chaired by Euromoney’s editor, following the receipt of detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region. Euromoney’s Awards for Excellence cover global categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.

The Citadele Group is headquartered in Latvia, and its subsidiaries are located in Latvia, Lithuania, Estonia, and Switzerland.The banking group posted a profit of EUR 7.7 mln for the first quarter of 2016 which is a result similar to the profit in the first quarter of 2015.

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.

According to the information from the Latvian Association of Commercial Banks, Citadele Bank is the sixth largest bank in Latvia in terms of assets at the end of the first quarter of 2016. By the number of customers at the end of 2015, Citadele Bank ranked third among Latvian banks.