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Moody's Investors Service positive on Citadele Bank's outlook
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    Moody's Investors Service positive on Citadele Bank's outlook

    RIGA, May 15 (LETA) - International credit rating agency Moody's Investors Service has published an update to their credit analysis, maintaining a positive outlook on Citadele Bank's ratings and noting that the bank has built a sustainable franchise that can support continued growth, Citadele Bank said in a statement to the Nasdaq Riga stock exchange.

    Moody's positive outlook reflects Citadele Bank's strategic focus on expanding its franchise in the Baltics. The credit opinion also highlighted the commitment of the bank's owners, which include the European Bank for Reconstruction and Development (EBRD), to continue building the bank and the expectation for Citadele Bank to maintain steady capital and asset quality metrics.

    "Moody's comment is a testament to the bank's strengthened risk assessment capabilities and our overarching strategy to grow in the Baltics. We are determined to grow by primarily servicing Baltic retail and SME customers and by investing in digital innovation," said Guntis Belavskis, CEO of Citadele Bank.

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

    In 2017, Citadele Bank generated EUR 1.257 million in audited profit, which is several times lower than in 2016. The bank's assets at the end of 2017 stood at EUR 2.545 billion, down 3.2 percent from late 2016.

    At the end of 2017, Citadele Bank was the sixth largest bank in Latvia by assets.

    • Published: 15.05.2018 10:59
    • LETA
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