Banks, Brands, Financial Services, Latvia, Society

99% of respondents with earnings exceeding LVL 600 have heard of the bank and brand, while 77.5% of those in the income group up to 250 lats a month have heard of the bank, 95.5% – respondents with income between LVL 251 and LVL 600.  The level of information is equally good among Latvian and Russian residents.  A bit less information about the bank has been received by rural districts (83%), as opposed to residents of the capital city of Rīga (94%).

The director of the PHD Media Agency, Raivis Balodis:  “For financial companies which offer services to private individuals and businesses, brand recognition is a cornerstone for achieving business goals.  This study shows that Citadele has achieved unbelievably broad recognition in a very short period of time.  That is a good foundation for launching the bank’s operations; though, brand recognition is just the first step.  The bank must work carefully on its business strategy, the development of its products, and support for its reputation.”

The survey was conducted from August 11-16, and it covered 947 residents of Latvia.