History

Citadele was registered as a joint stock company on the 30th June, 2010. The bank began operating on the 1st August, 2010.

Citadele’s shareholders are an international and multinational group of investors with worldwide experience in the banking sector. Slightly more than 74 % of Citadele’s shares belong to a group of international investors and other minority shareholders, who are represented by the investment company Ripplewood Advisors LLC. The European Bank for Reconstruction and Development owns almost 25 % of shares. 1.1 % of shares belong to the bank’s management, employees and other investors.

Citadele has become a powerful Baltic bank which takes a leading role in the development and introduction of digital banking services.

The Bank’s Development

2024

Citadele issues 1.4 million EUR to modernise the Tallinn City Theatre. The financing, issued to SIA Rock Distribution, is for the acquisition and installation of stage technology for the theatre.
In January, Moody’s affirms Citadele’s ratings, changing its outlook to positive. The rating’s outlook was increased from stable to positive, reflecting Moody’s view that the bank will continue to operate with powerful capital and profit figures and stable credit quality over the next 12–18 months.
Citadele again named the bank with some of the best customer service in the Baltics. In February, Citadele gained the highest rating in Latvia for both in-person and remote customer service in the annual Dive customer service survey.
In February, Citadele issues 952,000 EUR in financing to build a solar power plant. SIA Projektu Ekspertu Grupa’s Jēkabpils Region-based power plant will cover 3.75 ha with more than 3,800 solar panels and a total capacity of 2.38 MW.
Citadele co-finances a new office complex in Purvciems. The ARCADA Purvciems building built by SIA HONIKS is class A energy-efficient and meets nearly-zero energy building standards.
In March, Citadele issues 2.5 million to refinance the purchase of Dreiliņi Logistics Centre. The financing recipient, Capitalica Green Logistics Fund, is a fund from the Lithuanian SBA Group’s investment manager, Capitalica Asset Management, which invests in sustainable commercial property in the Baltics.
In April, Citadele introduces a new payment card design made with recycled plastic. The cards are made of 95% recycled plastic and include extra functions to make them easy to use for those with visual impairments. Customers can now choose one of our C (Citadele) cards to replace the previous X cards.
Citadele issues 20 million EUR in subordinated bonds. Demand exceeded supply threefold — the bonds were offered as part of the 60 million EUR Fifth Unsecured Subordinated Bond Programme.
In April, Citadele issues 3.35 million EUR to INTRAC Latvija to purchase equipment. The leading industrial and agricultural equipment retail and service company will use the financing to purchase new agricultural, construction and forestry equipment, intended for sale throughout the Baltics.
K Senukai introduces Klix Pay Later to its Baltic online stores. K Senukai aims to improve the customer shopping experience by expanding its payment options with the universal online payment acceptance tool developed by Citadele.
From April, Citadele introduces a virtual customer consultant. To receive answers to questions on everyday financial services 24 hours a day, customers can now access a new AI assistant: Adele.
In April, Citadele and ALTUM issues more than 800,000 EUR in financing to SIA Gripsteel. The joint Latvian and Norwegian business purchased new metal processing equipment to increase manufacturing capacity.
Citadele Chairman of the Board Johan Åkerblom decides to step down from his post, with Rūta Ežerskienė stepping into the role. Before now, she was the Chief Retail Commercial Officer.
In May, Citadele issues 2.5 million EUR for the construction of the Valmiera solar plant. The owner of the new solar power plant is local investment fund Merito Sustainable Energy Fund I, which is currently the largest operator of solar plants in Latvia.
From July, Rīgas Satiksme transport ticket sales are powered by Klix by Citadele. Klix helps ensure a fast, convenient payment process and bank-level data security for both customers and the business.
In August, Citadele Leasing finances 2 million EUR of new equipment for SIA Nika MI. The construction waste transportation and waste processing business is adding to its machinery fleet with three sifting machines and one press, to help them participate in a new waste processing project in the Riga Region.
Changes to the bank’s Management Board in August and September. The ECB approves Rūta Ežerskienė’s nomination as Citadele CEO. Edward Rebane was nominated to the position of Chief Retail Commercial Officer.
Citadele issues a 1.6 million EUR loan to Pure Chocolate. Latvia’s highest-quality confectioner will use most of the loan to refinance their current obligations, while the remainder will go towards factoring, a line of credit, and their leasing limit.
Klix by Citadele becomes the most extensive full-service payment solution provider in the Baltics. Klix offers online bank, card, Apple Pay and Google Pay payments, as well as the opportunity to split up a payment with the help of a lender, in one integration.
Citadele issues 13 million EUR for the construction of a solar park in Latvia. The project is being implemented by Estonian renewable energy producer SIA Evecon in collaboration with Swedish investment manager Niam Infrastructure. The project will involve the creation of 11 solar parks with a total capacity of 110 MW, giving a significant boost to the renewable energy sector in Latvia and the Baltics.
Citadele supports Longo Group, the largest used car retailer in the Baltics. By moving to the centre it owns in Panevėžys, Lithuania, the retailer aims to build the most powerful and modern car preparation and service centre in the region, as well as investing in modernising and increasing the efficiency of the manufacturing processes. The total investment amount is almost two million euro.
In September, Mobilly integrates Klix by Citadele. Citadele already provides Mobilly the option of card payments, and in September they start providing bank transfers or PSD2 payments.
In September, Kārlis Purgailis becomes Citadele’s Head Economist. Purgailis has more than 20 years’ experience and knowledge in the finance sector, including the past seven years as Chairman of the Board of Citadele’s subsidiary CBL Asset Management, a position he retains.
With Citadele financing, the concrete business Nord X develops a real estate project in Riga. The 240,000 EUR in financing will be used to expand the company’s operations.
From October, Citadele customers have access to a new app with improved functionality. Citadele continues to invest in developing digital solutions, which is why, going forward, customers will find it even easier to oversee their current account, make payment requests, and contact the bank’s customer centre using authenticated calls.
Citadele successfully concludes its 35 million EUR preferred bond issue. Overall demand for the bonds topped 46 million EUR, exceeding the 10 million EUR minimum and allowing Citadele to increase the issue to the previously-determined maximum.
In October, Klix by Citadele starts providing ESTO payment acceptance. ESTO, one of the largest financial technology businesses in the Baltics, which provides its services to more than 5,500 retail locations, integrates the Klix by Citadele payment solution, almost doubling Klix’s number of partners.
Citadele receives an international award for innovation in banking services. At the Global Fintech Awards 2024 ceremony in London, Citadele wins the Digital Banking Award, beating the American bank Wells Fargo and the fintech business TransferMate.
From December, Citadele offers special home purchase terms for Latvian Families of Honour. To support families raising at least three children or a disabled child, their mortgage processing fees will be waived and they will receive a free property valuation.
Moody’s increases Citadele’s ratings. On the 6th December, Moody’s Ratings announced that it would be raising Citadele’s long-term deposit rating from Baa2 to Baa1, and its unsecured bond rating from Baa3 to Baa2. The rating’s outlook was changed to stable.
Changes to the bank’s Management Board in December. Vladislavs Mironovs, Chief Strategic Officer at Citadele, steps down from the Management Board. Meanwhile, the European Central Bank approves Edward Rebane’s nomination as Chief Retail Commercial Officer.
In December, Citadele begins collaborating with Novatore, an organisation which promotes economic opportunities for women. The aim of the partnership between Citadele and Novatore is to resolve societal problems such as gender equality, the wage gap and the glass ceiling.

2023

In January, changes at CBL Asset Management to promote global sustainable development. The CBL Global Emerging Markets Bond Fund is registered as an investment fund under section 8 of the Sustainable Finance Disclosure Regulation. From now on, in addition to assessing overall sustainability risks, the CBL AM management team will pay particular attention to indicators directly linked with selected UN Sustainable Development Goals when selecting investments for this fund.
Citadele remains the bank with the best customer support team in Latvia. In the annual Dive customer service survey, Citadele kept the title of best customer service in Latvia for the eighth year.
In February, Citadele finances animal welfare improvements with 1.5 million EUR. Continuing the gradual improvements to its farm, the Valmiera Region dairy farmers Pērles A.A.J. used 1.5 million EUR in financing from Citadele to modernise its dairy farming complex and improve animal welfare conditions.
In March, Citadele finances Rīgas Satiksme’s purchase of buses to the tune of 31 million EUR. Over the course of 2022, 88 of Rīgas Satiksme’s next-generation Solaris Urbino 18 buses entered the Riga transit system, financed by Citadele.
Changes to the Citadele Supervisory Board. In the spring, Klāvs Vasks resigns from his role on the Citadele Supervisory Board and his respective committee roles. Stephen Young, before now a member of the audit and compliance committee as an independent committee member, has been nominated to join the bank’s Supervisory Board once the relevant permissions have been obtained.
In March, Citadele introduces a service which is unique among banking apps: accident insurance purchase within a few minutes. This is the first type of insurance which can be purchased from the bank in a completely automated process. By upgrading the app with this function, Citadele takes the next step towards developing the bank’s services by expanding its range of subscription-based services.
In April, the ECB confirms Citadele’s stable asset quality, capitalisation and risk management. The European Central Bank evaluates the quality of Citadele’s assets, and the results confirm Citadele’s resilience and the stability of its asset quality, capitalisation and risk management.
Urban beekeeper Uģis Mālnieks installs beehives on the Citadele rooftop garden. To mark World Bee Day, which takes place on the 20th May, Uģis Mālnieks installs beehives on the bank’s rooftop garden. The bees live alongside the employees and customers as a reminder of their crucial role in the ecosystem.
In May, Citadele finances the expansion of the Capital Mill industrial centre on Granīta Street to the tune of 4.3 million EUR. With this co-financing, Capital Mill, one of the leading real estate developers in the Baltics, completes the expansion of its industrial park on the outskirts of Riga, 17 Granīta Street.
In June, Citadele issues 2.8 million EUR to build a solar power plant in Brenguļi. The portfolio company of investment business Merito Partners will use the bank’s cofinancing to build a new solar power plant in Brenguļi Parish, Valmiera Region. This is one of the first projects in Latvia to receive financing as part of Citadele and the European Investment Bank’s (EIB) agreement on financing for Latvian businesses from the EIB guarantee programme.
In July, Citadele begins offering a Green Savings Account where savers can finance sustainability projects in the Baltics. Following the example of Western European countries, Citadele introduces a Baltic-first savings tool: the Green Savings Account. The Bank invests the deposited funds in apartment building insulation projects in Latvia and the Baltics, as well as other sustainability projects.
In July, Citadele co-finances the construction of the largest solar power plant in the Sigulda Region. The largest solar power plant in the region has opened in Inčukalns Parish, Sigulda Region, financed by local investment company Merito Partners. The total cost of the project comes to 2.17 million Euro, 1.2 million of which came from Citadele.
Citadele gains Family Friendly Workplace status. The status is issued by the Society Integration Fund, and it confirms the bank’s everyday efforts concerning the work environment and employee well-being. The aim of the initiative is to promote the development of work cultures which are empathetic, person-centred, understanding and inclusive, enabling employees to find a balance between their private and professional lives.
Changes to management in August. Supervisory Board Member James L. Balsillie has left his post as of August 2023, leaving the Citadele Supervisory Board and respective Supervisory Committee. Mr Balsillie joined the Board on the 20th April, 2015, and was a member of the Audit and Compliance Committee.
Citadele finances the purchase of the largest cinema in Lithuania. The bank signs an agreement on issuing co-financing of 4.45 million EUR to the investment fund Reverest Fund Management, which will use the financing to purchase and run the largest cinema in Lithuania: Forum Cinemas Vingis.
In November, Citadele issues 12.8 million EUR to modernise the infrastructure at the Latvian National Sports Centre. The financing is for the development of the multifunctional athletics arena; the reconstruction of a new athletics field and reserve football field, with plans to add an inflatable football hall; and to develop the infrastructure at the Mežaparks Sports Centre, modernising the tennis courts and building access to the landing stage for boats.
In December, Citadele and the EIB issue cofinancing of 1.24 million EUR to AJ Power. Business group AJ Power will use the funds to complete construction of a solar power plant in the Jelgava Region.
In December, Citadele begins offering customers Green Mortgages. This expands the bank’s existing home loan offers, with better terms for the purchase of an energy-efficient home.

2022

In January, Citadele signs an agreement with Trusted Novus Bank Limited for the sale of its Swiss subsidiary
The sale of the Swiss subsidiary brings Citadele closer to its long-term goal: becoming the leading financial services provider in the Baltics. The process of concluding the transaction continues in 2023.
Citadele supports Ukrainians
When war breaks out in Ukraine, Citadele offers Ukrainian citizens the option of opening a bank account and receiving a payment card for free, both in person and remotely.
Citadele shortens remote account opening time from 30 to 6 minutes
By automating the application process, small and medium businesses can open an account remotely in just six minutes.
Citadele launches new logo
Citadele begins its rebranding by launching a new logo. Instead of the different logos used by Citadele and its subsidiaries, there is now a unified logo concept, whose unifying element is the letter C.
Citadele launches new X smart KIWIE card
Citadele collaborates with artist Kiwie to create a new X smart payment card design. The new card includes all the benefits of the X smart card, including the fact that it is free of charge to those aged between 7 and 21.
Citadele donates with its customers
Since the start of the war, Citadele has donated more than €130,000 to Ukraine, €50,000 of which was donated with the support of Citadele customers.
Citadele issues €1.2 billion in new loans to private customers, SMEs and corporate customers in the Baltics
In 2022, €1203 million was issued in loans, which is 8% more than the year before. Meanwhile, 7% of new loans were issued as green loans.

2021

In February, UniCredit Leasing throughout the Baltics became Citadele Leasing. On January, after an agreement was signed between Citadele and UniCredit S.p.A., Citadele became the 100% owner of SIA UniCredit Leasing in the Baltics, including its subsidiary SIA UniCredit Insurance Broker, concluding the purchase process which was initiated in December 2019.
Moody’s increased credit rating. In February, international credit rating agency Moody’s confirmed Citadele Bank’s investment level credit rating of Baa3, changing its outlook from stable to positive.
Citadele has the best customer service. Citadele customers throughout the Baltics receive some of the best service experiences, and in Latvia Citadele was awarded first place for the sixth time in Dive’s customer service rating survey.
Investment in nCino’s flexible cloud-based Bank Operating System® infrastructure. Citadele becomes the first bank in Central and Eastern Europe to use nCino’s solution to update its financing processes.
Changes to the Management Board. In January, Kaspars Jansons left the bank board, and was replaced by Rūta Ežerskiene, who took responsibility for developing the small and medium business segment in the Baltics.
Citadele starts offering a new generation business portal. Especially handy for a small and medium businesses, it allows customers to collect all incoming payments in one place, analyze e-commerce or face to face sales data and send automatically generated electronic invoices to customers.
Citadele starts opening accounts remotely for companies registered in Latvia. Making everyday life easier for small and medium-sized businesses, Citadele is starting to offer the possibility to open a bank account completely remotely and within 20 minutes.
Citadele has the best customer service. Citadele customers throughout the Baltics receive one of the best service experiences, and in Latvia Citadele was awarded first place for the sixth time in Dive’s customer service rating survey.
Citadele customers throughout the Baltics can pay with Fitbit Pay and Garmin Pay. Expanding payment options, Citadele is starting to offer payment with wearable devices Fitbit and Garmin.

Previous years