Citadele banka
Latvian commercial bank
Last updated August 31, 2026
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Overview
Citadele Banka is a Latvian commercial bank and the principal banking entity of Citadele Group. Headquartered in Riga, the institution was established in 2010 as one of two successor institutions created during the state-administered separation of Parex Bank's viable and distressed assets. Parex had been taken over by the Latvian government in November 2008 during the country's financial crisis. Citadele received the viable banking operations, while the distressed assets remained in the institution later renamed Reverta. The bank operates primarily in Latvia, Lithuania, and Estonia, where it provides services to individuals, small and medium-sized enterprises, larger companies, and private-capital clients. Its activities include current and savings accounts, payment services, lending, cards, digital banking, corporate finance, asset management, and other financial and investment services. The group combines traditional branch and relationship banking with digital channels and partnerships designed for businesses and consumers. Citadele established a presence in Estonia and Lithuania soon after its creation. In Estonia, its initial focus was on small and medium-sized businesses; retail services were added later. In Lithuania, the former subsidiary AB Citadele bankas was converted into a branch of Citadele Banka, with the legal restructuring completed in January 2019. The bank has also pursued cooperation with European and local financial-technology institutions to increase access to business credit, support climate-related investment, and develop payment and deferred-payment products. The Citadele name is derived from the Italian word citadella, referring to a small city or fortified central stronghold. The brand presents itself as a modern Baltic bank emphasizing accessible service, digital convenience, and support for entrepreneurs and growing businesses. In 2020, Citadele was designated a Significant Institution under European Banking Supervision and consequently became subject to direct supervision by the European Central Bank. In 2024, Johanas Åkerblom was replaced as chief executive by Rūta Ežerskienė. Citadele remains an active privately held banking group with the Baltic states as its principal market.
History
Citadele Banka was formed in 2010 during the restructuring of Latvia's banking sector after the 2008 financial crisis. Parex Bank, a privately established Latvian bank founded in 1992, was taken over by the Latvian government on 8 November 2008. The subsequent resolution process divided the institution into viable and distressed components. Citadele received the viable banking operations and became a new commercial banking institution, while the troubled assets remained with Parex, which was later renamed Reverta. From its creation, Citadele developed as both a Latvian bank and the core institution of a wider financial group. Its principal market became the Baltic region, with services spanning retail banking, business banking, asset management, and private-capital management. The group also maintained an international presence through selected financial activities and relationships outside its home market. Citadele expanded into Estonia and Lithuania soon after establishment. The Estonian operation opened in 2010 and initially concentrated on small and medium-sized enterprises. Retail banking was added in 2017. In Lithuania, the group initially operated through AB Citadele bankas, a subsidiary established in 2010. A restructuring process began in 2018 to convert the Lithuanian subsidiary into a branch of Citadele Banka; the legal conversion was completed in January 2019. The bank has increasingly supplemented its conventional banking model with partnerships involving European institutions and financial-technology companies. In March 2020, Citadele invested €10 million in a partnership with Lithuanian fintech company SME Finance, described as the first collaboration of its kind between a bank and a fintech in Lithuania. In 2021, the bank introduced Klix Pay Later, extending its consumer-finance and digital-payment offering. Regional development finance became another area of activity. In 2022, Citadele and the European Investment Bank Group agreed on a framework intended to make at least €460 million in new loans available to companies in the three Baltic states, particularly SMEs and projects connected with climate objectives. In 2025, the bank entered an InvestEU partnership with the European Investment Fund for up to €138 million in preferential financing for Baltic SMEs and microbusinesses. Citadele's regulatory importance increased as its business developed. In 2020, it was designated a Significant Institution under European Banking Supervision and became directly supervised by the European Central Bank. Ownership at the end of 2025 was reported as being led by an international investor group represented by Ripplewood Advisors LLC, with the EBRD holding a substantial minority stake and smaller holdings attributed to management, employees, other investors, and the bank itself. In 2024, Rūta Ežerskienė succeeded Johanas Åkerblom as chief executive. Citadele continues to operate as an active, privately held Baltic banking group.
- 2025
InvestEU financing partnership expands SME support
[1]Citadele and the European Investment Fund agreed on an InvestEU partnership for up to €138 million in preferential Baltic SME and microbusiness financing.
- 2024
Rūta Ežerskienė becomes chief executive
[1]Rūta Ežerskienė replaced Johanas Åkerblom as Citadele's chief executive.
- 2022
EIB lending framework is agreed
[1]Citadele and the EIB Group agreed on a framework supporting new Baltic lending for SMEs and climate-related projects.
- 2021
Klix Pay Later launches
[1]Citadele launched Klix Pay Later as a deferred-payment product in Lithuania.
- 2020
Citadele enters direct ECB supervision
[1]Citadele was designated a Significant Institution under European Banking Supervision and became directly supervised by the European Central Bank.
- 2019
Lithuanian subsidiary becomes a branch
[1]The legal restructuring of AB Citadele bankas was completed, converting the Lithuanian subsidiary into a branch of Citadele Banka.
- 2017
Retail services begin in Estonia
[1]Citadele's Estonian branch, initially focused on SMEs, began offering retail banking services.
- 2010
Citadele Banka is established
[1]Citadele was created from the viable banking assets of Parex during a state-administered restructuring; its Baltic expansion also began during this period.
- 2008
Latvian government takes over Parex Bank
[1]The Latvian government took control of Parex Bank on 8 November during the country's financial crisis, setting the stage for the later separation of viable and distressed assets.
Products and positioning
A Baltic-focused commercial bank positioned around customer service, digital banking, SME support, and accessible financial products for individuals and businesses.
Consumer banking · 2010
Retail banking
Citadele provides personal accounts, savings products, payment services, cards, consumer credit, and access to online and mobile banking for retail customers in its Baltic markets.
Business banking · 2010
Corporate and SME banking
The bank serves entrepreneurs and companies with business accounts, payment facilities, lending, working-capital support, and other corporate financial services. SME finance has been a recurring focus of its Baltic expansion and European institutional partnerships.
Banking technology
Digital banking
Citadele distributes many retail and business services through internet and mobile channels, supporting account management, payments, cards, lending applications, and other day-to-day banking functions.
Deferred payment · 2021
Klix Pay Later
Klix Pay Later is a deferred-payment product launched by Citadele in Lithuania in 2021, extending the bank's digital consumer-finance and payment offering.
Investment services
Asset and private-capital management
Through Citadele Group, the institution offers asset-management, investment, and private-capital management services alongside its deposit-taking and lending activities.
Brand decisions
2025
Launch InvestEU SME financing partnershipStrategyBackground
Citadele continued expanding preferential financing for smaller Baltic businesses and microbusinesses.
Action taken
The bank partnered with the European Investment Fund under InvestEU for up to €138 million in preferential financing.
Aftermath
The partnership broadened the group's capacity to support SMEs and microbusinesses across the Baltic states.
Potential preferential financing. Up to €138 million (2025)
2022
Expand EIB-backed Baltic lendingStrategyBackground
Citadele sought to increase financing for Baltic companies, particularly small and medium-sized enterprises and climate-related projects.
Action taken
The bank and the EIB Group agreed on a framework intended to support at least €460 million in new loans across Latvia, Lithuania, and Estonia.
Aftermath
The agreement strengthened Citadele's role as a channel for European institutional financing in the Baltic business sector.
Intended new lending framework. At least €460 million (2022)
2020
Invest in SME Finance partnershipStrategyBackground
Citadele pursued fintech cooperation to broaden business-finance access in Lithuania.
Action taken
Citadele invested €10 million in a partnership with Lithuanian fintech company SME Finance.
Aftermath
The partnership was described as the first collaboration between a bank and a fintech in Lithuania.
Investment. €10 million (2020)
2018
Convert the Lithuanian subsidiary into a branchStrategyBackground
Citadele sought to streamline its Lithuanian structure after operating through AB Citadele bankas since 2010.
Action taken
The group began restructuring the subsidiary in 2018 and completed its legal conversion into a Citadele Banka branch in January 2019.
Aftermath
Citadele continued serving Lithuania as part of its Baltic branch network rather than through a separately incorporated banking subsidiary.
Recent events
Citadele Bank CEO resigns[6]
Citadele Bank CEO Guntis Belavskis resigned effective March 2, 2020. He agreed to support the bank during a transition period until June 1, 2020.
Citadele agrees to acquire UniCredit’s Baltic leasing operations[7]
Citadele announced a binding agreement with UniCredit S.p.A. to acquire 100% of UniCredit Leasing, including its Estonian and Lithuanian branches, and its wholly owned subsidiary UniCredit Insurance Broker. The article says the deal was expected to conclude in the first quarter of 2020.
Sources7 sources
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