Citadele Bank`s Estonian branch, Citadele Pank continues to grow and contribute to the implementation of the Citadele Group’s strategy of increasing the amount of lending. In the first quarter of this year, Citadele Bank in Estonia granted retail and corporate loans in amountof EUR 13.8 million, which is a 172% increase compared to 1Q2015. The corporate loans granted in the first quarter of this year totaled EUR 6.5 million and retail loans– EUR 7.3 million.
“Our aim in customer service is to ensure that decisions to grant loans are taken fast and we offer an individual approach to our customers. One of our priorities is to speed up the lending processes as well as to offer our customers new, value added products and services,” says Sofia Kirsimaa, the Head of Citadele Pank. At the present moment, Citadele in Estonia offers loans to Estonian companies for the development of their business and mortgage loans to individuals as well as leasing services.
The amount of loans granted by Citadele Pank in first quarter of 2016 exceeded twice the loans granted on the same period in 2015. This year, the average corporate loan amount was 130 000 euros. The largest amount of loans was granted to trading companies, which constituted 80% of all the corporate loans granted. The total amount of Private customer`s loan granted was 3 times more than in 2015. The average private customer`s loan amount was 120 000 euros.
Over the last 12 months, the loan portfolio of Citadele Pank increased by 61% - from 54.4 million euros at the end of first quarter of 2015 to 87.9 million euros at the end of first quarter of 2016. By the same period, customer deposits at Citadele Pank have increased by 59% - from 138 million euros at the end of first quarter of 2015 to 220 million euros at the end of first quarter of 2016.
About Citadele Banka Estonian branch
Citadele Banka Eesti filiaal AS, Citadele Pank offers services ranging from accounts and payment cards to business loans and investment management. The office and Client Service Centre of the branch are located in Roosikrantsi 2, Tallinn.
Citadele Pank along with its subsidiary Citadele Leasing & Factoring OÜ is part of Citadele Group. Citadele Group is headquartered in Latvia, and its subsidiaries are located in Latvia, Lithuania, Estonia, and Switzerland. The vision of Citadele Group is to become the best financial service provider to retail clients and SME’s in the Baltic States. Citadele provides card payment, lending, deposit, investment, asset management and leasing services, and it offers a range of exclusive and unique products. Citadele is the partner of American Express® in Latvia and Lithuania. Citadele payment card with e-ticket function is the only payment card to enable its clients to pay for using public transport in Riga.
About the Citadele Group
Citadele Group registered 7.7 million euros profit during first quarter of 2016, according to unaudited data; results are similar to first quarter of 2015.
The loan portfolio reached 1.2 billion euros, a 132 million euro increase, compared to March of 2015. Active lending to SME's in all three Baltic States and retail lending in Latvia and Lithuania shape the basis of the loan portfolio growth. In line with Citadele Group's strategy to facilitate access to funds for SME in Baltics, the amount of loans issued during the last 12 months to SMEs increased by 16% in Latvia, by 20% in Lithuania and by 45% in Estonia.
Over the last 12 months, customers' deposits at the Group's banks have increased by 5%, thus reaching 2.57 billion euros in the end of March 2016. The amount of deposits is more than double the amount of issued loans. This ensures high liquidity indicators.
Citadele’s shareholders are a group of international and multinational investors with extensive experience in the banking sector across the world. The largest shareholder is the European Bank for Reconstruction and Development (EBRD) which possesses 25% minus one share, whereas the international group of investors, represented by Ripplewood Advisors LLC, owns the remaining 75% plus one share.