Citadele Bank

Citadele Bank to Implement a Major IT System Upgrade

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Continuing the development, Citadele Bank will implement a major IT system upgrade by switching to a new T24 bank management software platform at the end of this year.

“In order to ensure compliance of the bank’s information systems with its business objectives, we’ve planned significant investment in the bank’s information systems. A switchover of the bank operations management processes to the new T24 system version, one of the most advanced bank management software platforms in the world, will take place at the end of this year,” says Kaspars Cikmačs, member of the Board of Citadele Bank.

He emphasizes that “the transition to this system is a step forward in the process of implementation and development of the business strategy and further development of Citadele Bank. Once implemented, this system will serve as the basis for further IT improvements to help the bank improve customer service while maintaining it at the highest level, and will also enable the bank to develop new banking products relevant to its clients in a faster and more convenient way.”

With the introduction of the new T24 system, Citadele Bank will significantly increase its competitiveness on the market. The T24 system is provided by Swiss company Temenos, one of the largest companies in this field on a global scale. The company has been developing new versions of the software on a regular basis, which include innovations demanded by banks, and it also invests considerable resources in market research for the timely identification of new trends in the global financial industry.

About Citadele Bank

Citadele is a local Latvian bank that offers banking, financial and asset management services. The core market of Citadele Group is the Baltic States: Latvia, Lithuania and Estonia. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. The bank is recognized as the best-governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development.

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