OREANDA-NEWS. February 25, 2014. Last year Citadele Bank invested EUR 139.2 million (nearly LVL 98 million) in the development of businesses by offering loans to companies in Latvia.

This was 27% more than in 2012. Also this year corporate loans are a priority for Citadele, the bank being prepared to issue more than EUR 142 million (LVL 100 million) to companies in loans.

The bank is actively continuing to invest in Latvia’s economy so as to facilitate the development of entrepreneurship, and that is why it is issuing the corporate loans.  In 2013, the number of companies that chose to receive financing from Citadele nearly doubled in comparison to 2012.

“Corporate loans are one of the priorities for the bank,” says Citadele board member Santa Purgaile. “We have found on many occasions that it is important for Latvian companies to ensure that the bank can offer a financing model that is appropriate for their situation, as opposed to offering typical financial solutions. We take an individual approach to each company, and we always take an in-depth look at each situation to find the best option for each client.”

“The advantage for Citadele is that we are a local bank, and all decisions are taken here in Riga. Accordingly, we can be sufficiently flexible in terms of offering individual financial solutions to companies, and our clients very much appreciate that. The fact that this strategy is correct is proven by the fact that the number of companies that have received financing from Citadele increased substantially last year,” says Santa Purgaile.

The bank’s considered and responsible issuance of loans has allowed the increase in balanced numbers of companies that have received financing from Citadele, and that has been seen in all sectors – agriculture, industry, logistics, trading, construction and other sectors. Citadele plans to continue to offer corporate financing in various sectors, expecting that the number of supported companies and the size of the loan portfolio will increase.

“We saw last year that companies were recovering from the economic collapse that occurred in previous years, and that means that they see opportunities to develop their companies and achieve new goals not just in Latvia, but also abroad in terms of exporting their products,” says Purgaile. “We are delighted to participate in this process, and this year we will particularly be focusing on financing for agriculture and industries.”