AS “UniCredit Bank” recorded a 36% growth in deposits in 2008
Press release
Riga, March 18, 2009
AS “UniCredit Bank” recorded a 36% growth in deposits in 2008
According to audited financial statementsthe total assets of AS “UniCredit Bank” operating in the Baltic States in 2008 increased by 7% up to EEK 17,578 bn, as deposit portfolio soared by 36% up to EEK 3,165bn.
The loan portfolio grew by 10% up to EEK 14,053 bn in 2008. The Bank ended the financial year, despite higher than planned gross operating profit with a loss amounting to EEK 60,7 mln to the higher than planned allowances for impairment losses identified in the portfolio.
The Chairman of the Management Board of AS “UniCredit Bank” Ralf Cymanek: “In 2008 the Bank maneuvered in an unstable, rapidly deteriorating economical environment mainly caused by the downturn of the global economy on the one hand and a substantial correction in the real estate market in Latvia and Estonia on the other hand. The world economy is going through a crisis that has not been experienced since World War II. The financial markets have been severely hit by real-estate crisis in major economies, global liquidity crunches and fundamental problems in large parts of the banking sector.
We will continue our strategy of providing a highly individual approach to each client. In 2009 AS “UniCredit Bank” is planning to broaden its product and service range leveraging the international reach and strength of UniCredit Group. The bank will further increase efficiency by optimizing internal control processes and will focus on further growth of its client base.”
In January 2008 AS “UniCredit Bank” (the Bank) opened a new corporate sales office in Kaunas, Lithuania. Thus, the Bank operated with two branches in Lithuania (Vilnius) and Estonia (Tallinn) as well as three corporate offices in Latvia (Riga) and Lithuania (Klaipeda, Kaunas) in 2008.The Bank strengthened its position in three Baltic countries. It maintained its strategic stake in SIA “UniCredit Leasing”, with a 49 % shareholding, and intensified cooperation with Ergo Insurance Group. In October 2008 the Bank expanded its Estonian branch office in cooperation with Ergo Insurance Estonia (in Tallinn).
About UniCredit Group
With total assets of more than €1,060billion, ranking among the top financial groups in Europe, UniCredit has a presence in 22 countries, with over 40 million clients, around 10,000branches and some 180,000 employees.
With total assets of more than €1,060billion, ranking among the top financial groups in Europe, UniCredit has a presence in 22 countries, with over 40 million clients, around 10,000branches and some 180,000 employees.
In the CEE region, UniCredit operates the largest international banking network with around 4,000 branchesand outlets, where around 83,000 employeesserve more than 28 millioncustomers. The Group operates in the following countries: Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
Further information:
Aiga Aizpuriete
“UniCredit Bank” AS
Tel: +371 6 708 5720; Cell: +371 29490982
Updated 1053 days ago
