Citadele will not proceed with its Third Unsecured Subordinated Bonds issue

Paskelbta

AS "Citadele banka" decided not to proceed with its Third Unsecured Subordinated Bonds issue due to the current market conditions.

While there was significant positive interest in the subordinated bonds issue from retail and institutional investors, market conditions have deteriorated significantly from the time of the announcement of the issue leading to heightened uncertainty. Taking into account high credit market volatility, the Bank has decided to cancel the current placement. Citadele expects to maintain strong capital and liquidity ratios well above regulatory requirements and had 22.2% in CAR, 18.8% in Tier 1 and LCR of 358% as of a year-end 2019.

Management retains its ambition for Citadele to become the leading local bank of choice for individuals and businesses and to become a “domestic champion” for banking services in each of the Baltic States.

About Citadele

Citadele is a Latvia-based bank offering retail, private banking, asset management, lending, leasing and other commercial banking services. Its subsidiaries and branches operate in Latvia, Lithuania, Estonia, and Switzerland. Citadele is the third largest bank in Latvia by number of clients. AS Citadele banka is the parent company of the Group, registered as a joint stock company on 30 June 2010.

Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics; our aim is to become the Baltic banking champion. Alongside traditional banking services, Citadele offers its clients a range of services based on next-generation financial technology, including, among other things, a modern mobile banking app, contactless and instant payments, modern client onboarding practices and technologically enabled best-in-class customer service.

Citadele’s shareholders are an international group of investors with global experience in the banking sector. 75% plus one share belongs to a consortium of investors led by Ripplewood Advisors LLC and co-investors; 25% minus one share belong to the European Bank for Reconstruction and Development (EBRD).