Citadele has agreed to acquire UniCredit's leasing operations
Citadele has agreed to acquire UniCredit's leasing operations in the Baltics with its lease portfolio of more than 850 million euros
Following the acquisition, Citadele’s aggregate net leasing loans will exceed 1.1 billion euros.
As a result, Citadele will become one of the three largest players in the Latvian leasing market, and will significantly strengthen its footprint across the Baltics.
The closing of the acquisition is expected in Q1 2020, subject to mandatory approvals.
AS Citadele banka (Citadele) is pleased to announce it has entered into a binding agreement with UniCredit S.p.A. to acquire UniCredit’s Baltic leasing operations through the acquisition of 100% of the shares in SIA UniCredit Leasing (including its Estonian and Lithuanian branches), along with its 100% owned subsidiary SIA UniCredit Insurance Broker (including its Estonian branch).
Guntis Beļavskis, AS Citadele banka’s CEO, said: “The acquisition of UniCredit’s Baltic leasing operations is consistent with Citadele’s long-term aim to become the leading financial services provider in the Baltics for both individuals and small and medium-sized businesses. Within this context, the leasing sector continues to be attractive thanks to a diversified customer base, strong underlying asset performance, and the potential to reach new clients.
Citadele believes SIA UniCredit Leasing to be one of the best-established players in the region, with a leading presence in all three Baltic countries, an innovative and user-friendly product proposition, and robust operating and controlling systems. All these aspects are complementary with Citadele and will provide the Group with a viable platform for further growth across the relevant customer segments and markets.”
During the period between signing of the agreement and the completion of the acquisition, Citadele and SIA UniCredit Leasing will continue to be competitors and to operate according to market practices and internal guidelines.
Citadele is a Latvia-based bank offering retail, private banking, asset management, lending, leasing and other commercial banking services. Its subsidiaries and branches operate in Latvia, Lithuania, Estonia, and Switzerland. Citadele is the third largest bank in Latvia by number of clients, and second by number of business clients. AS Citadele banka is the parent company of the Group, registered as a joint stock company on 30 June 2010.
Citadele’s mission is to modernise the banking sector and to offer more opportunities to individuals and businesses throughout the Baltics, aiming to become the Baltic banking champion. Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including a modern app, contactless and instant payments.
Citadele Group’s shareholders are an international consortium of investors with global experience in the banking sector and the European Bank for Reconstruction and Development.
About SIA UniCredit Leasing
SIA UniCredit Leasing is one of the leading market players in the Baltics, with more than 20 years of experience in the area of leasing, and a demonstrated ability to deliver sustainable business growth.
Over the past years, the company’s success has been driven by its continuous investment in partner and customer experience, and has been further augmented by implementation of modern financial technologies, such as instant credit decisions and completely paperless process. SIA UniCredit Leasing is also well-known for its pioneering sustainability initiatives realised in collaboration with and support of the EU institutions.
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