Citadele Bank (Latvia)

Citadele Purchases Mortgage Portfolio Worth €120 Million

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The first phase of the deal between Citadele and ABLV for the purchase of the majority of ABLV Bank in liquidation’s mortgage portfolio has been completed. Citadele’s mortgage portfolio has now been expanded by several thousand mortgage agreements totalling more than €120 million.

As the first phase of the deal is completed, customers whose loans have been transferred to Citadele will be identified and informed personally about the new process for repaying their loans. Phase two is expected to be finished by the end of the year, and will involve mortgage agreements worth around €50 million.

“We have worked hard to complete this extensive deal in as short a time as possible. We are pleased to give our new customers access to modern financial services and products, excellent customer service and a wide range of digital products,” explains Johan Åkerblom, Citadele CEO.

“Having transferred the majority of our mortgage loan portfolio to Citadele, we have now completed our most significant asset reclamation project and have accumulated enough funds to satisfy our creditors. We are pleased that we completed the first phase in a relatively short amount of time, and that Citadele has successfully taken over serving our customers. To finish, I would like to thank our former mortgage customers for our good partnership up until this point,” adds Andris Kovaļčuks, Liquidator, ABLV Bank, AS in liquidation.

Superia Corporate Finance acted as head financial adviser to the seller.

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