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Citadele bank and American Express announce renewed agreement of co-operation in Latvia

13.04.2011.

Riga, Latvia, April 13. 2011 – Citadele Banka (Citadele) and American Express today announced the continuation of their partnership, whereby Citadele will continue to have the exclusive right to issue American Express® Cards and acquire merchants on to the American Express network in Latvia.

In Latvia, Citadele offers a range of American Express Cards to meet the diverse needs of its customers. It offers The Platinum® Card, the American Express® Gold Card and Blue from American Express®. For business customers, it also offers the American Express® Business Card and the American Express® Gold Business Card.

The American Express Cards are specifically designed to serve Citadele’s customers at home and abroad, helping them to meet the demands of their evolving lifestyle needs by providing unique access to an exclusive range of benefits and services.

“Our partnership with American Express is fundamental to our business strategy in Latvia. Our renewed agreement will allow us to continue building knowledge and experience in providing excellent card services to various types of customers – from Blue to exclusive Platinum cards,” said Guntis Belavskis, Member of the Board of Citadele Bank.

Debra Davies, Senior Vice President, American Express Global Network Services commented, “We are highly committed to growing our relationship with Citadele Bank, and we are excited by the opportunity to further extend American Express’ presence in Latvia through the continued provision of high quality premium products specifically tailored for the market”.

Since 2005, American Express Cards have been issued in Latvia by Parex Banka. In 2010, as a result of Parex Banka’s restructuring, Citadele Bank and American Express signed a card-issuing and merchant-acquiring agreement in the second half of last year.

About Citadele

Citadele Banka was established to inspire people, enterprises to growth and enhance regional development. It is the only collaboration partner of American Express in Latvia and Lithuania that is entitled to issue American Express credit cards. Presently, 75% of its shares are owned by Privatization Agency and the European Bank for Reconstruction and Development possesses 25% plus one of its shares. The value of the Bank’s assets amounts to 1.4 billion Lats.

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Since 1996, American Express has been pursuing a strategy of opening its merchant network and card product portfolio to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide. American Express has now established 129 partnerships in 131 markets across the world. Learn more at www.americanexpress.com/gns.