Banks, Estonia, Financial Services, Latvia

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Citadele Bank to expand its retail banking operations in Estonia

BC, Riga, 17.01.2017.Print version
Latvia’s Citadele Bank, which until now focused its Estonian business on serving corporate clients, is now planning to expand retail banking services in Estonia, informs LETA/BNS.

While until now Citadele’s operations in Estonia were aimed primarily at serving corporate clients, first of all financing small and medium-sized businesses, now we are considering expanding both the target group and the range of our services. We are ready to work as a universal bank, said Sofia Kirsimaa, the head of Citadele’s Estonian branch.

The bank’s first target would be to enhance its technical possibilities to catch up with other retail banks operating in Estonia, Helen Saks, a manager of marketing projects at Citadele’s Estonian branch, told. In her words, this target has to be achieved by March when the bank is due to present its broadened range of retail banking services.

As the bank prepares for these transformations, the Tallinn offices of Citadele’s Estonian branch and Citadele Leasing & Factoring have been moved to the Kadriorg Business Center where Citadele has also installed its first ATM in Estonia.

Citadele Bank launched its branch in Estonia in 2010.

As reported, Citadele Bank closed the first nine months of 2016 with a profit of EUR 28.79 mln, while the banking group's profit reached EUR 36.57 mln in the first nine months of last year.

A group of multinational investors, representing Ripplewood Advisors LLC, own 75% plus one share in Citadele, while a 25% stake minus one share belong to the European Bank for Reconstruction and Development (EBRD).

Citadele is the sixth largest bank in Latvia by assets.

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