Parex Bank

In 2010 Parex banka was reorganized. After successful completion of Parex banka’s restructuring the good assets of then Parex banka were transferred to newly founded Citadele Bank. The bad assets remained in Parex banka (now Reverta). The global financial crisis of 2008 also affected Parex banka - the largest Latvian bank with national capital which was established in 1992 - and it was forced to begin insolvency procedures. Having assessed its potential influences on the Latvian banking sector and the national economy in general, on 8 November 2008 the Cabinet of Ministers passed a resolution to purchase the controlling stake in Parex banka. The State, as represented by the Privatisation Agency, became the largest shareholder in Parex banka. A portion of Parex banka’s shares were later bought by the European Bank for Reconstruction and Development (EBRD). On May, 2012 Parex banka began its work as a professional distressed asset management company, under the new brand Reverta. With assets under management amounting to circa one billion euros, Reverta remains one of the largest distressed asset management companies in the Baltic region. Citadele is a full-service financial group for both private individuals and companies offering complete portfolio of banking, financial and private capital 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.