Citadele has Completed Purchases of Mortgage Portfolio Worth 43 Million

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As planned, 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 1290 mortgage agreements totalling € 43,03 million.

As the second 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 managing their loans.

“We have worked hard to complete this extensive deal within an expected timeframe. 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.

We are satisfied with the successful cooperation with Citadele banka upon transferring our mortgage loan portfolio. It is a proof the high value of our assets and the quality of our loan portfolio built over the years. The transaction, which is one of the biggest in the history of Latvia, was rather complicated, but we managed to complete it successfully thanks to the professional work of both parties. And with this transaction we have completed our biggest asset recovery project and added the accumulated funds for satisfying the creditors’ claims,” said Jānis Rozenbergs, Liquidator of ABLV Bank in liquidation.

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

About Citadele Bank

Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.

Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments, and finally, being the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers.

Citadele is the second largest bank in Latvia by assets. The Citadele group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.

About ABLV Bank, AS in liquidation

On 26 February 2018, the meeting of shareholders of ABLV Bank, AS took a decision about voluntary liquidation of the bank. Before the commencement of this voluntary liquidation, the bank was one of the largest loan providers in Latvia, ensuring mortgage loans for households and financing for commercial companies, thus contributing to the development of various industries. At that time, the total loan portfolio of the bank amounted to 1 billion Euro.

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