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Moody's maintains positive credit rating of Citatele bank

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U.S. credit rating agency Moody’s reaffirmed its positive outlook for the long-term deposit rating of Latvian bank AS Citadele banka, keeping it unchanged at Ba2 with a positive outlook.

Nasdaq Globe Newswire reports citing the bank reports that in its analysis, the Investors Service at Moody’s noted that Citadele is well positioned to withstand pressure that could arise from current events affecting Latvian financial sector.

It evaluated that Citadele has grown primarily in the Baltic countries in recent years by focusing on consumer and small and mid-size enterprise lending, while at the same time meaningfully reducing exposures to countries of the Commonwealth of Independent States, being very restrictive in accepting new high risk deposits and maintaining its liquid assets over tangible banking assets above 52%.

Guntis Beļavskis, CEO of Citadele bank: «Citadele is well positioned to support the Latvian financial system with its experience and high standards in AML and compliance. Management and the bank’s shareholders believe in a ‘zero tolerance’ approach towards these risks, and this has resulted in a spotless track record in the Baltics.»

At the end of 2017, Citadele Group’s capital adequacy ratio (CAR) was 18.4%, net profit (before exceptional items) was EUR 31.5 million, client deposits were EUR 2.88 billion, and the bank’s net loan portfolio was EUR 1.33 billion.

In 2017, Moody’s Investors Service raised the long-term deposit rating of Citadele Group by two notches – from B1 to Ba2, with a positive outlook.


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