Citadele Banka AS

Citadele Banka AS is a Latvian commercial bank headquartered in Riga, formed in 2010 when the viable assets of Parex Banka were split into a new institution and the legacy workout assets were transferred to Reverta. The bank was privatized in 2015, when a majority stake was acquired by an investor group led by Ripplewood Advisors; the European Bank for Reconstruction and Development held a minority stake at the time of privatization. Citadele operates across the Baltic states with a focus on retail, SME, and corporate banking, offering current accounts, cards, payments, consumer and mortgage lending, SME financing, leasing, savings, and investments. Group companies include IPAS CBL Asset Management, AAS CBL Life, and a pension fund manager, and the bank provides brokerage and custody services. It supports SEPA and instant payments, and offers major wallet integrations such as Apple Pay and Google Pay. The bank operates within the European Central Bank’s Single Supervisory Mechanism; prudential supervision in Latvia is conducted by Latvijas Banka, and customer deposits are protected up to EUR 100,000 per depositor under the national scheme aligned with EU rules. In recent years the bank has emphasized Baltic resident business and de-risked legacy non-resident exposures in line with Latvia’s AML reforms. Citadele is not a listed company; it publishes IFRS consolidated reports and has issued senior and subordinated debt instruments to meet capital and MREL requirements.