The brand of the new bank – Citadele, was presented on 1 July 2010. The new brand was created in order to inspire people and businesses for development and facilitate growth of this region. The new bank Citadele was established according to the decision of Cabinet of Ministers on restructuring of Parex banka.
The new brand is internationally understandable, whilst preserving Bank’s best business traditions and experience. The new brand expresses bank’s new strategic purposes and advantages in Baltic region for bank’s clients, investors and employees. It will be strong and reliable with main positioning: “We will inspire people and businesses for development in order to facilitate growth in our region”.
A Citadel (derived from “cittadella” in Italian) is the heart of a feudal city, a stronghold which also serves as an administrative and cultural centre. Nowadays the greatest advantages of Citadel are next-generation technological solutions and modern environment which is unified with beautiful scenery, thereby creating necessary conditions for business ideas and growth – this will be the purpose of the new bank Citadele. New brand positioning indicates that beside its business aims the bank will play an important economic and social role.
Strategy of the new bank will be based on a stable and profitable business model which will focus on three main business segments: retail, corporate and wealth management. The first two segments concentrate on Baltic market while wealth management will work also in the CIS countries. In terms of product development the new bank will focus on “niche” products and decrease its activities in segment of universal products. The bank will invest in development of electronic services, thereby creating an opportunity for clients to receive bank’s services online.
The new bank will take over the partnership with American Express® and bank Citadele will remain the only partner of American Express® in Latvia and Lithuania authorised to issue American Express® credit cards.
The new bank will operate without any restrictions and it will be an attractive partner for corporate clients and wealthy individuals because in comparison with its competitors bank’s Citadele strongest advantage is experienced and talented employees.
The new brand has been elaborated in cooperation with international brand consultancy agency Wolff Olins and Latvian creative agency Leo Burnett. After restructuring, the new brand will be gradually introduced in all markets the bank is represented in. Positioning of the brand maintains bank’s best business traditions and experience with emphasis on bank’s economic and social priorities which will supplement its business aims.
As previously announced, on 23 March, the Latvian Cabinet of Ministers approved restructuring plan of Parex banka. According to the plan a part of Parex banka’s assets will be used for the creation of a new bank. Bank Citadele will have a stable financial base, which will make it easier to attract investors and repay the resources invested into the Bank by Latvian state institutions at the earliest possible convenience. The main beneficiaries of this will be depositors at the existing Parex banka, as they will be automatically transferred to bank Citadele. The New Bank will service all client accounts, the same as all guarantees and advantages of saving products will be retained.
It is planned that bank Citadele will begin its work on August 1. For more information about bank Citadele please visit www.jaunabanka.lv, where the visual identity of the Bank may be uploaded. Follow the New Bank on Twitter at www.twitter.com/citadele.
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