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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 09:56

Moody’s maintains Citadele bank’s deposit rating at Ba1

BC, Riga, 02.04.2019.Print version
International credit rating agency Moody's Investors Service (Moody’s) has published an update to their credit analysis on April 1, maintaining Citadele bank’s deposit rating at Ba1, with positive outlook,, the bank said in a statement to the Nasdaq Riga stock exchange.

The bank’s representatives said that Moody’s credit opinion positively highlights Citadele’s strategic focus on expanding its franchise in the Baltics, continued improvement in capitalization and improved governance, with selective growth in its home markets, exiting non-resident segments.


Moody’s positive outlook reflects expectation of a continued progress with further improvements in the context of a supportive operating environment, a strengthened governance, and a continued increase of Citadele's market shares in the Baltics despite the increasing competition.


In 2018, Citadele Group’s capital adequacy ratio (CAR) was 20.1%, net profit was EUR 34.8 mln, Group’s deposits were EUR 2.65 bn, and the net loan portfolio reached EUR 1.396 bn.


As reported, Citadele Bank, created as a result of restructuring of the bailed-out Parex Bank, became operational on August 1, 2010. In April 2015, the Latvian government sold its 75% stake in Citadele Bank to a group of international investors led by US private equity firm Ripplewood. The European Bank for Reconstruction and Development (EBRD) kept its 25% stake in Citadele Bank.


At the end of 2018, Citadele Bank was the fourth largest bank in Latvia by assets.






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