Latvia's Citadele bank buys UniCredit's Baltic leasing business

Latvia's Citadele bank announced December 11 it 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 and Citadele will become one of the top three companies in the Latvian leasing market, the bank said.

Citadele "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)," a news release said

Guntis Beļavskis, Citadele's CEO, said the acquisition "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."

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. The terms and value of the deal were not disclosed.

 

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