Moody's Investors Service positive on Citadele outlook

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International credit rating agency Moody's Investors Service has published an update to their credit analysis on 1 April 2019, maintaining Citadele bank’s deposit rating at Ba1, with positive outlook.

Moody’s credit opinion positively highlights Citadele’s strategic focus on expanding its franchise in the Baltics, continued improvement in capitalization and improved governance, with selective growth in its home markets, exiting non-resident segments.

Moody’s positive outlook reflects expectation of a continued progress with further improvements in the context of a supportive operating environment, a strengthened governance, and a continued increase of Citadele's market shares in the Baltics despite the increasing competition.

In 2018, Citadele Group’s capital adequacy ratio (CAR) was 20.1%, net profit was EUR 34.8 million, Group’s deposits were EUR 2.65 billion, and the net loan portfolio reached EUR 1.396 billion.

About Citadele

Citadele Group’s shareholders are an international consortium of investors with global experience in the banking sector and the European Bank for Reconstruction and Development. The Citadele Group is managed from Latvia with subsidiaries and branches in Latvia, Lithuania, Estonia and Switzerland. Citadele provides transactions and card payments, loans, deposits, investments, asset management and leasing services, as well as a range of exclusive and unique products. In 2019 one of the leading customer service evaluation and improvement companies in Central and Eastern Europe, Dive GROUP, acknowledged Citadele as the bank with the best customer service in Latvia, and second best in Lithuania.