Moody’s Investors Service has assigned a E+ bank financial strength rating (BFSR) and Ba3 long-term and Not Prime short-term local and foreign currency deposit ratings to Citadele banka. The outlook on all Citadele’s ratings is stable.
Moody’s has also concluded the review for upgrade on the B2 senior unsecured rating for the bond issue, which was transferred to Citadele banka from Parex banka, by upgrading the rating to Ba3 (from B2).
Commenting the statement, Chairman of the Management Board Juris Jākobsons said: “We are pleased to receive a positive signal from internationally recognized experts providing the first evaluation of financial indicators of the newly established Citadele banka. According to its business plan, Citadele will be profit-making in 2011, thus creating potential for the bank to further improve its rating.”
About Citadele Bank
Citadele Bank has been established to inspire the growth for people and enterprises and to enhance regional development. The Bank strives to ensure outstanding customer service and provide a wide range of retail services, as well as services for enterprises and private capital management clients, and to attract excellent and experienced clients and customer service staff. Citadele Bank is an exclusive dealer of American Express® in Latvia and Lithuania entitled to issue American Express credit cards. 75% of the Bank’s shares are held by Privatization Agency, while the European Bank for Reconstruction and Development (EBRD) owns 25% plus one voting shares.