Citadele scoops «best comeback» title among CEE banks

Latvia's Citadele bank was declared "Central and Eastern Europe’s Best Bank Transformation" in the Euromoney Awards of Excellence 2016 survey by the Euromoney magazine.

"Restructured, recapitalised and renewed – Citadele can no longer be seen as the unsuccessful lender which was left over after the influential collapse of Parex.

Citadele is now in a good place from which to serve Latvia’s economic recovery," said a statement by the magazine. 

The award winners were announced Wednesday in a ceremony held at the Tower of London, with some 600 bankers from across the world in attendance.

"In the six years since the bank’s restructuring, by improving results we have given over a billion euro in new credit to the Baltic economy.

We have indirectly created hundreds of new jobs in businesses to whom we have given development opportunities [..]," said Citadele head Guntis Beļavskis: 

The Euromoney Awards of Excellence are being handed since 1992.

The Euromoney jury is composed of journalists, editors and a team of researchers who undertake extensive studies of the banking and capital market.

Citadele was established following the restructuring of the bailed-out Parex banka and started operations on August 1, 2010.

In late 2008 the Latvian government took over Parex, which was the second largest bank in Latvia at the time, to stop the local banking system from collapsing.

In April 2015 the Latvian government sold its 75% stake in Citadele Bank to a group of international investors led by US private equity firm Ripplewood.

The European Bank for Reconstruction and Development (EBRD) kept its 25% stake in Citadele Bank.

In late 2015 Citadele ranked third by number of customers in Latvia.

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