Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 06.12.2019, 01:21

Citadele Bank grants EUR 3 mln credit facility to Mogo non-bank lender

BC, Riga, 05.08.2019.Print version
Citadele Bank has granted a EUR 3 mln credit facility to non-bank lender Mogo, according to a report to Nasdaq Riga.

The credit facility has been provided for refinancing Mogo’s existing debts. The agreement expires on July 1, 2021.

In 2018, Mogo and its subsidiaries raised their consolidated turnover by 45.6% y-o-y to EUR 18.795 mln, while consolidated profit contracted 20.3% to EUR 2.83 mln, according to an audited financial statement submitted to Nasdaq Riga.

The parent company turned over EUR 18.795 mln and generated a profit of EUR 3.061 mln in 2018.

Established in 2012, Mogo offers classical finance lease and lends against vehicles already owned by clients (a type of service known as leaseback). The company's bonds are listed on the Nasdaq Riga debt securities list.

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