AS Citadele banka operates as a commercial bank, providing depository and credit services.
Citadele Bank appeared on the Latvian Commercial Register on June 30, 2010, this is the deadline by which the European Commission was initially expected to give its opinion on the restructuring plan of state bailed-out AS Parex Banka. According to the restructuring plan of Parex Banka, the bank is split in two, thus a new credit institution was created to which ’good’ assets of Parex were transferred. The goal was to sell both newly created entities. It is believed that the restructuring will ensure Citadele Bank’s long-term profitability and viability, while still allowing for selling the remaining assets of Parex.
AS Citadele banka started its operations on August 1, 2010, being created from Parex assets. The council of the new bank was elected on 11 August 2010.
The new bank has already obtained banking licenses from Estonian and Swedish financial and capital market regulatory authorities, to conduct full range of banking operations in those countries.
Citadele Eastern European Balanced Fund was named the ‘Best Balanced Fund 2010’ in the recent survey held by European business magazine Business New Europe on the best performing CEE funds.