Citadele acquisition of SIA UniCredit Leasing in the Baltics expected to close as of end of 2020
All necessary permits have been received for the transaction between AS Citadele banka and UniCredit S.p.A., and as a result, it is anticipated that Citadele will own SIA UniCredit Leasing in the Baltics (including its Estonian and Lithuanian branches) from January 2021.
As a result of the transaction, Citadele will significantly increase its share of the leasing market in the Baltics.
Until year end, both companies - SIA UniCredit Leasing and SIA Citadele’s leasing and factoring - will continue to operate as independent businesses and provide their own financial services. The new joint leasing company will further build on the best practice of SIA UniCredit Leasing and SIA Citadele’s leasing and factoring, as well as provide more opportunities for its partners and customers as part of Citadele Group.
Active lease and loan agreements, signed with SIA UniCredit Leasing, as well as all existing obligations of SIA UniCredit Leasing will remain in force in accordance with their current terms and conditions.
“For almost a year, we have been working actively on obtaining all the necessary permits from supervisory institutions in the Baltics and preparing in full for one of the largest deals in the Baltics, which will bring further value to our current and future clients and business partners. Opportunities for Citadele Group clients will expand as we unite our knowledge of the finance industry and leasing, best professionals, excellent client service and the most modern digital tools,” emphasises Citadele CEO Johan Åkerblom.
About Citadele Bank
Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.
Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments, and finally, being the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers.
Citadele is the second largest bank in Latvia by assets. The Citadele group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.
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