Citadele will inspire people and businesses for development


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. 

Additional information:

Inga Saleniece
Corporate Communication Manager
Parex banka
Ph. +371 67778870 or +37126564629
E-mail: pr@parex.lv