AS Citadele banka (hereinafter referred to as Citadele Bank) is one of the leading commercial banks in the Baltic region, known for its innovative digital services, robust financial performance and commitment to sustainable development. Founded in 2010 and headquartered in Riga, Latvia, Citadele Bank offers comprehensive financial solutions to individuals, SMEs and high-net-worth clients through an extensive branch network and advanced mobile applications. Its brand mission is to "redefine modern banking" to drive financial inclusion and regional economic development through efficient customer service and green financial products.
Basic information
about the bankCitadele Bank is a private commercial bank that was spun off from Parex Bank in 2010, which was taken over by the Latvian government due to the 2007-2010 financial crisis. The headquarters is located at Smilšu iela 6, Rīga, LV-1050, Riga, Latvia. The bank is held by international investors, with more than 75% owned by an investment consortium led by Ripplewood Advisors LLC, 24.7% by the European Bank for Reconstruction and Development (EBRD), 1.1% owned by management and employees, and unlisted.
Citadele Bank's services cover Latvia, Lithuania and Estonia (Baltic region) and partially globally through international operations. The bank has about 170 branches in Latvia, located in Riga, Kaunas, Klaipėda and other places, and provides convenient cash withdrawal services through the 1Link ATM network, enhancing financial accessibility for customers in urban and remote areas.
Citadele Bank is regulated by the Latvian Financial and Capital Market Commission (FKTK) and is directly supervised by the European Central Bank (ECB) as a significant institution recognized by the European Banking Supervisory Authority (EBA). The bank participates in the Latvian Deposit Insurance Scheme, which protects customer deposits up to 100,000 euros. There are no recent records of significant compliance issues, indicating stable operations.
Financial health
Citadele Bank is in a strong financial position, with key financial indicators for 2023 demonstrating excellent performance in capital adequacy, asset quality and liquidity. According to the 2023 annual report, the bank's net profit amounted to 110.4 million euros, with a return on equity (ROE) of 23.6% and a cost-to-income ratio (CIR) of 44.7%. Total assets of more than 4 billion euros, customer deposits of 3.83 billion euros and loan balances of 2.862 billion euros. The following are the main financial indicators:
Financial indicators: 2023 data note: capital adequacy ratio of 22.0%, far exceeding regulatory requirements (minimum 14.5%), showing a strong capital base, non-performing loan ratio of 2.1%, down from 2.7% in 2022, showing improved asset quality, liquidity coverage ratio of 206%, far exceeding regulatory requirements (minimum 100%), indicating strong liquidity management capabilities
,deposits and loan products
,deposits
Citadele Bank offers a wide range of deposit products to meet the needs of individual and corporate customers:
current accounts: such as C smart, C Supreme, C Prime and C Infinite accounts, which support day-to-day transactions and are usually non-interest-bearing.
Savings account: e.g. Green Savings Account, 2.00% p.a. (effective January 1, 2025, for balances up to €100,000).
Fixed deposits: interest rates up to 2.50%, depending on the term and amount of the deposit (2025 data).
Featured product: The Green Savings Account focuses on green finance, with funds used to support renewable energy projects.
LoansCitadele Bank offers a variety of loan products covering personal and business financing needs:
Mortgages: support for the purchase or construction of a home, with an undisclosed interest rate but a competitive market that may be between 7.9% and 9.9%. Free first-year home insurance and flexible repayment options are available.
Car loans: interest rates between 7.9% and 9.9%, with a term of 12 to 84 months, are available for new and used car purchases.
Personal Consumption Loans: Interest rates range from 7.9% to 9.9%, with the maximum financing amount determined based on the customer's credit score.
Flexible repayment options: Early repayment, deferred repayment or adjustment of repayment plan are supported, and customers can apply through the Klix platform.
Product Type DetailsCurrent Account supports daily transactions, no interest, suitable for personal and business savings accountsGreen Savings AccountInterest rate of 2.00% p.a., suitable for fixed deposits with a balance of up to 100,000 euros, interest rate up to 2.50%, depending on the term and amountMortgage support for residential purchases, interest rate 7.9%-9.9% (estimated), free first year home insuranceCar loan interest rate 7.9%-9.9%, Term: 12-84 months
List of common fees
Citadele Bank's fee structure is transparent and covers the following common fees (effective January 1, 2025):
account management fee: C smart, C Accounts such as Supreme may be exempt from the monthly fee, while others may be charged an annual fee of €100-200.
Transfer fee:
Domestic Transfer (SEPA): free or low fee (e.g. €0.40).
Cross-border transfer (SWIFT): fees are higher, depending on the destination and amount.
ATM interbank withdrawal fee: 2% + €4 fee for non-Citadele ATMs, free for C smart cards.
Hidden Fee Alert: Include minimum balance requirements or maintenance fees for unused accounts, and customers are advised to carefully review the terms of the contract.
Digital Service Experience
Citadele Bank provides advanced digital services to enhance the customer experience:
APP & Online Banking:
mobile banking app: The Citadele Mobile App is available for iOS and Android and features include real-time transfers, bill payments, integration with investment tools and Klix e-commerce settlement. After the upgrade in the fourth quarter of 2024, the app will add a Request to Pay function and a braille payment card design, and the App Store rating will be about 4.8 stars.
Online Banking: Available through Citadele Online Banking, it supports account management, transfers, and loan applications.
Core features: real-time transfers, bill payments, investment tool integration, Klix settlement, biometric login (fingerprint and facial recognition).
Technological innovation: Introducing Adele, an AI virtual assistant, providing 24/7 customer support, supporting open banking APIs and the Klix e-commerce platform.
Quality of customer service
Citadele Bank is committed to providing high quality customer service:
Service channels: 24/7 telephone support (+371 67010000), live chat, email ( info@citadele.lv) and social media responses (e.g. Citadele Bank Facebook).
Complaint handling: Commitment to respond within 3 working days, the specific complaint rate and resolution time are not disclosed, but Dive Group's survey shows that its customer service ranks first in the Baltic region.
Multi-language support: English, Latvian, Lithuanian, and Estonian are supported, making it suitable for cross-border customers.
Security measures
Security of funds
Customer deposits are protected by the Latvian Deposit Insurance Scheme up to €100,000 and comply with EU deposit protection requirements. The bank uses anti-fraud technologies such as real-time transaction monitoring, biometric authentication, and multi-layered security protocols to ensure the safety of funds.
Digital Services & Technological Innovation
Citadele Bank's digital services excel and provide customers with a convenient and fast financial experience. The bank's innovative technologies, including mobile apps, online banking, open banking APIs, and the Klix payment platform, provide customers with more efficient and flexible services.
Conclusion
Citadele Bank has strengthened its leading position in the Baltic region through innovative financial products, strong digital services, excellent customer experience, and strict security measures. Its commitment to providing convenient, secure and transparent banking services has earned the trust and support of many customers. Whether you are an individual or a corporate customer, you will find the right financial solution at Citadele Bank.
