Citadele is glad to announce that the Bank repaid EUR 17.3 million deposit to the Ministry of Finance on 13 September 2010. Citadele has repaid the deposit prior to the set deadline as the Bank has succeeded to grow its deposit base by another LVL 48 million in August 2010; thus, the Bank’s liquidity indicators substantially exceed the requirements.
Chairman of the Executive Board of Citadele, Juris Jākobsons: “In the first month of its operations bank Citadele has managed to achieve better results in attracting deposits than expected, especially in the corporate and institutional client segment. One of the Bank’s main priorities is the repayment of the State aid provided to the Bank; hence, we are glad that the improvement of the financial results of Citadele, allows the Bank to repay part of the state deposit shortly after launch of its operations.”
As previously announced, on 1 August 2010 the technical split of Parex banka was performed, as a result part of assets and liabilities was transferred to bank Citadele, including part of the Ministry of Finance deposits.
About bank Citadele
Bank Citadele has been established with a view to inspire people and businesses for development and facilitate growth of the region. The Bank provides excellent client service and a variety of services for individuals, businesses and wealth management clients. Bank Citadele is the exclusive partner 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 share. The total assets of the Bank reach LVL 1.5 billion. Moody’s has assigned the Bank long term rating Ba3.