As the CEO of Citadele Banka, Rūta Ežerskienė is not only shaping the financial sector in the Baltics but also paving the way for more women in leadership. From breaking gender stereotypes to discussing the evolving financial landscape and work-life balance, Rūta provides thought-provoking perspectives on what it takes to lead in today's world. Her story is one of resilience, ambition, and a strong commitment to fostering inclusive growth – both in the financial sector and beyond.
Rūta, you are originally from Lithuania. How did your journey lead you to Latvia? Tell us a bit about your professional background and the key steps that brought you to where you are today.
I often say that my career chose me as much as I chose it. I started working in banking over 25 years ago in Lithuania driven by a love for solving complex puzzles and creating meaningful value. I spent more than 20 years of my career with SEB Bank, SEB Life insurance and later joined global insurance broker. What I learned during this time are different business models, and it gave me the chance to develop as a leader. I learned there that leadership is not about control but empowerment.
I assume you studied finance, right?
Economics and management to be precise. Joining Citadele in 2021 as Management Board Member and Chief Retail Officer was a turning point – I fell in love with the vibrancy of Latvia’s banking sector and the opportunity to make an impact across the Baltics. Taking on the CEO role felt like another step – a chance to not only drive growth but also inspire other leaders. It’s a purpose-driven journey.
Your professional background makes a lot of sense, however, taking on a position like that takes a lot of courage. How did you emotionally prepare for this job?
For me, banking was always about possibilities. In this field, you can have a real impact on peoples’ lives – whether by helping families with mortgages or enabling businesses to grow. It was never just about climbing the career ladder. I’ve always been a learner – whether it’s completing a Leadership program at Harvard or learning from setbacks. Courage comes from preparation, and every step in my career taught me resilience and adaptability I embraced every challenge – each role along the way was like a stepping stone, teaching me adaptability and the importance of listening to others. As I said, everyone I meet – whether through work or in my personal life – has in some sense lifted me up and encouraged me to achieve my own best. The community around me has also helped to understand that leadership is not something you do alone. Alone you can run fast but with a team you can go far. This is something every leader must understand to move forward.
Globally, the number of females employed in finance has balanced out in the last few years, yet C-level roles are still mostly taken up by men. Why do you think this is still an issue and what would empower women to move forward with their career goals?
I think the issue is still deeply rooted in societal norms and stereotypes. Women are often expected to balance responsibilities at home and in their careers, which can create barriers for them. Nevertheless, I feel like we are breaking these stereotypes – both in workplaces and at home. I like to say, let’s not wait for change, let’s create it. Let’s lead by our own example, which I think I managed to do in some sense – by showing that having three children and being a CEO is not impossible. You do not have to take everything upon yourself. Discuss this with your partner to understand how you can split responsibilities more effectively, allowing both of you to explore your opportunities and feel better in every sense. After all, a family operates much like a small company.
This leads me to another question about balancing family needs. What should the partner of a CEO expect? How can one prepare for the role of the husband of the CEO?
I don’t think he went through any special preparations. Partly, he went with the flow, but as we have been together for more than 25 years, we somehow manage to reach agreements through discussion – allowing each other time to focus on different things and setting our priorities. I think it’s quite important to prioritize quality over quantity – to agree on everyone’s needs and priorities. My family knows that I will be with them when they need me the most, but at the same time, they understand why I need to travel and why I am away quite often. This current period in my life is important not only for my own growth, but also for others whose lives are impacted by my work.
Through your work, you’re also setting an example for your children, which helps build a foundation for a better future.
This is true. One example would be that I also mentor some people, and my children once asked me why I do it and why I need it. So, I explained that it’s not always about taking or benefiting from something; you also need to give. At least in my case, only then do I feel fulfilled.
In your professional journey, have you observed any professional differences between women in the Baltics and Western Europe? As the Baltics are still growing – mentally and economically – what can we learn from women in business centers across Europe?
I think women in the Baltics are bold and resilient, often managing multiple roles due to the regions’ evolving economic structure. Western European women benefit from more established policies around work-life balance and gender equality. What we can learn from each other is that the Baltics lack systemic support structures, for example, mentoring programs. We could also adapt a more unapologetic approach to claiming leadership spaces. I think that in Western Europe, especially in the Nordics, they don’t really feel gender differences and don’t even talk about them a lot. The approach to gender issues is more mature and balanced there, so people can focus on higher goals instead.
So, would you agree that in this sense, we are still developing as a society? We might reach this goal in the next five to ten years, but we are still a work in progress. I’ve also observed that in places where gender may not be an issue, age is. There are multiple layers to gender inequality in career paths, I’d say.
I think it is very dangerous to judge by age, gender or nationality. I have experienced myself that you can learn a lot from young people. They tend to have different views and, in many cases, if you manage to use those ideas productively, you can only win. Younger generations are different, their thinking is different. They were already born with technologies and know how to fulfill their needs, and those needs are very different – they cannot be put in a box. On one hand, yes, it’s difficult when everyone is different, but if you embrace the advantages and ideas of others, and accept different viewpoints, you can not only learn but also develop and stay ahead of others.
Let’s talk a little bit about finance. Have you observed differences in how women and men approach money and financial decision-making?
Yes, and it’s fascinating. Women tend to think more in the long-term, prioritizing security and existing finance management, while men lean towards growth and more aggressive financial management strategies. Neither is better, I think it’s about the right balance. Not all women and men are the same, but knowing that and understanding that is important is important and it is worth to spend a bit more time thinking about the goals you want to achieve and which strategy to apply.
What does money mean to you personally? What is your approach to managing your finances?
Money, for me, is a tool for creating stability and enabling dreams – not just my own but those of my team and community. Power is a responsibility – it’s about inspiring and empowering others to reach their potential. I always say, "The true value of power is how you use it to make a difference"
What one tip would you give a working woman, who is planning her future and maybe thinking about what to do with her savings?
There is no one recipe for everyone. You have different goals at different stages in life. Some rules, however, apply to all stages, and these are: to constantly review your expenses, monitoring your spending and evaluating if it is really necessary. An annual review always yields results. Another rule that matters in all stages of life is that you need to save. These could be smaller amounts to start with, and you can increase them later, but regular savings yield much better results. If you save for your retirement over 40 years, that’s one outcome, but if you start late and only have 10 years until retirement, it’s much more difficult.
Young people often make the mistake of thinking that retirement is far off. On one hand, it is, but the earlier you start, the easier it becomes to develop those habits and maintain discipline. And once you have that discipline, it becomes much easier. You don’t even have to think about it – you just automatically set aside X% of your income for savings.
What is changing right now is that maybe ten, 15 years ago we recommended that you should dedicate around 10% of your monthly income to savings. Now, I would say we should start thinking about 20% or even more. Why? Thanks to technological advancements and progress in medicine, people are living longer – which is a great thing – but living longer also means you’ll need more money.
Talking about salaries and income, we in the Baltics often pride ourselves on gender equality. Eurostat data shows that the gender pay gap here exceeds the EU average. Why is it still there and what can we do to reduce it? You mentioned that men are more aggressive in terms of financial strategies. Could it be that men earn more because they are more aggressive in actually asking for more?
I think that the pay gap stems from structural issues. Women are more represented in lower paying sectors and often take leave for caregiving. The pay gap exists because of occupational segregation and, again, societal norms that undervalue certain roles. To close the gap, we need transparent pay structures and policies that give equal value to caregiving. Transparency in salaries is a starting point, but real change requires addressing biases, recruitment and promotion. I think in some cases you are also right that men are statistically more likely to go and ask for a raise, while women do it less.
We briefly touched on the topic of financial literacy, but the question still stands – what more can we do to boost financial literacy?
Financial literacy empowers women to make more informed decisions, which both families and businesses benefit from. When women understand finance, they make informed decisions that benefit everyone, and this drives economic stability and growth as well. But I wouldn’t say that lack of financial literacy is a big issue today. If you look at statistics, the biggest percentage of university graduates are women. I wouldn’t agree that they are not financially educated nowadays, to some extent.
A recent survey by Novatore and Norstat found that women in Latvia reported needing nearly €500 less than men to feel financially comfortable. Why do you think there’s such a difference in perception? Does it reflect women settling for less comfort, or are there other underlying factors?
I think it reflects different financial priorities and, as we discussed, women often focus on building safety nets, while men may prioritize investment and growth. It’s not about settling for less, but rather viewing comfort through a lens of security.
Given your impressive role, what advice would you give to women, whether young or older, who are aiming for C-suite positions and are likely competing with men? You’ve probably found a formula that works for you.
I have never used any tools as a woman to gain something. I always thought that I should be evaluated by the job I do, by the goals I achieve, and not because I am a woman. But, on the other hand, in the role of CEO and when I was previously a board member, I often get asked about what women should do. I think that you shouldn’t wait for permission to lead. Take the space you deserve, build your skills, find allies, seek out mentors if you need and don’t let setbacks define you. I think leadership is a journey of growth, and the financial sector needs more women in leading roles. But I think that every woman should remember that leadership is not about perfection but progress. Always staying curious is the key to growth.
Do you consider yourself a perfectionist? How do you deal with this amount of work?
Yes, I do, and that is one of the biggest challenges for me. This tendency is good in some cases but sometimes it also limits your growth. If you focus on one single task, you can sometimes miss out on the big picture. If you want to be a leader and take on C-level roles, you need to see the full picture and let your team members work on the details. You cannot be an expert in everything, and you need to understand that, otherwise, how will you lead your team? Team members should bring detailed expertise. You need to understand where this perfectionism is needed and where your team members can take the lead as well. Otherwise, fighting it will be a never-ending story.
In the last part of the interview, I wanted to ask you about your balance between work and home life, Lithuania and Latvia. You must have a hectic schedule and miss your home and family. How do you stay emotionally fit to do the job?
I think balance for me is more like a dance. During these years I have learned to prioritize quality over quantity. Sometimes, technology helps but so does the simple act of being present when it matters the most. Delegation and trust in my team also allows me to give my best to both family and company. As I said before, a family also operates as a small company. You need to understand the needs and agree on priorities and responsibilities. It’s not always easy, but you need to sometimes deal with yourself, especially when the children are smaller. Emotional intelligence and ability to find balance are very important. Balance means something different for everyone, and the meaning of it can change depending on the period of life you are in. I think what is important is your mental health and how you are managing the balance between your brain, your soul and your physical health – this matters a lot.
What is your recipe for well-being – both physical and mental? What do you do in your free time?
Discipline is my second name. People often have the stereotype that discipline is something painful. For me it’s the opposite. If you use discipline in a good way, it is just a tool for achieving something and then forgetting about it. You just do it. Then you have space in your brain for all the rest. Without discipline, you have chaos in your head.
I love cycling – when the weather is good, I go outside, when it’s not, I do it inside. I like walking. I have several activities that boost my mental well-being as well – I play the violin and piano, and I like opera a lot. I read books and travel. I think what works for me is different activities. If you’re focused on just one, it limits your perspective. When you have several, you meet different people and gain diverse perspectives. It allows you to see things from a broader perspective – not just in your own life but in the world around you. This approach helps me, and it benefits everyone. In my discussions with team members, it strengthens the whole company by enhancing cultural values and fostering a better understanding of each person. You never know what challenges someone might be facing outside of work. If something has gone wrong in their personal life, how can they be fully present and perform at work? As a leader, you need to have that broader understanding. I’m a people-oriented person – I genuinely like people.
I hope that you also encourage this mental well-being among your employees, which is, I think, trendy now, but not widely implemented here in Latvia in a business environment. Many companies talk about it, but what happens behind closed doors is a different story.
Actually, we offer a wide range of activities here at Citadele – yoga, Nordic walking and access to a pool. We also provide lectures on mental health topics and conduct regular surveys on engagement and mood asking for all types of feedback in order to understand what’s working for our employees and what they feel is missing.
The last question. Could you share your personal goal for this year? How would you like to grow this year?
It’s difficult to define just one. As I’m relatively new to the CEO role – only few months in – I still want to grow stronger in making the changes I see are needed. At the same time, I think we often forget to celebrate our achievements, especially women. We forget to stop, even for just a minute or an hour, and reflect, “Wow! I did it!” I believe the main goal is to see people happy, see them shine and watch them grow. This, in turn, leads to growth for the company, society and the economy.
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