Citadele Bank (Latvia)

Citadele in Baltics: even more digital financial services to growing number of customers

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  • Number of active customers reached 313 thousand clients
  • Net loan portfolio increased by 177 million EUR, or 13% growth, reaching 1,57 billion EUR
  • 590 million EUR issued in new loans to Baltic private, SME and corporate customers in 2019
  • Domestic deposits increased by 624 million EUR, or 30% growth
  • Citadele has agreed to acquire UniCredit’s leasing operations in the Baltics with its lease portfolio of more than 850 million EUR

In Q4 and through 2019 Citadele Group continued to demonstrate a strong financial performance, growing customer bases across core business segments and further implementation of new and improved daily banking services.

Guntis Beļavskis, Chairman of the Management Board: “Citadele aims to provide the best possible client service and products, continuous digital channel development and the convenience of remote services. Figures proves our effort - since the beginning of the year, Mobile App users and Online Bank customers increased by 64% and 10%, respectively, reaching 131 thousand active Mobile App users and 190 thousand active Online Bank customers. Besides, the number of active customers reached 313 thousand clients at the end of 2019 - an increase of 42 thousand customers that is 16% growth.”

Innovative products and services

Throughout 2019, Citadele continued to develop and launch innovative digital solutions, products and services to meet customer expectations across multiple channels. We have launched consumer loans via Mobile App, expanded in-store payments by smartphone, provided instant card and POS terminal issuance at the branch, and P2P payments to mobile phone numbers. At the end of the year we launched an interactive online platform, finoterapija.lv, offering free automated financial consultation.

Bank with the best customer service in Latvia

Our commitment of providing the best customer service enabled Citadele to maintain the top position among banks in Latvia, according to the annual mystery shopper survey conducted by international customer service evaluation company DIVE. Citadele was announced as the bank with the best customer service in Latvia for the fifth time.

Focus on Baltic private and corporate customers

Citadele continued to increase its lending footprint in both retail and corporate banking sectors, achieving 13% growth year-on-year (increase of 177 million EUR). Loan portfolio reached 1,57 billion EUR as of 31 December 2019. Loan portfolio in Q4 increased by 59 million EUR (4% growth).

Strong progress was also made in deposit gathering, where the Group increased Baltic deposits by 624 million EUR during 2019. Total deposits increased by 24% since year end 2018 and were 3,29 billion EUR million.

Expanding Baltic assets, leasing footprint

Following Citadele’s long-term goal to become the leading financial services provider in the Baltics for private customers and SMEs, the last December Citadele has entered into a binding agreement with UniCredit S.p.A. to acquire 100% of the shares of SIA UniCredit Leasing and its subsidiary SIA UniCredit Insurance Broker. The acquisition, pending regulatory approvals, is expected to close in Q1 2020, and would increase Citadele Bank's leasing portfolio by 850 million EUR, to a total of EUR 1,1 billion.

“Citadele believes SIA UniCredit Leasing to be one of the best-established players in the region, with a leading presence in all three Baltic countries, an innovative and user-friendly product proposition, and robust operating and controlling systems. All these aspects are complementary with Citadele and will provide the Group with a viable platform for further growth across the relevant customer segments and markets,” said Beļavskis.

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