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NEWS - 2018 03 06 - 15:55

In 2017 SEB Latvia issued EUR 780 million in new loans to companies

During 2017 SEB Latvia issued new loans worth EUR 780 million to companies in Latvia. This is by 31% more in comparison with 2016 when companies received EUR 597 million in new loans.

55% from the total amount of new loans issued in 2017 or EUR 531 million were issued to large companies with yearly turnover exceeding EUR 20 million. Small and medium sized companies received loans worth EUR 249 million.

Ints Krasts, board member of SEB Latvia: "This is the largest amount of new financing we have issued to companies in Latvia since SEB is present in this market. Last year's results have helped us to strengthen our leading position in the company segment. Client activity and the number of new project increased in all areas during last year. Real estate, agriculture and pharmaceutical industries were among the most active. Construction industry has picked up the pace as well. New shopping malls, office buildings and other commercial properties are being developed with the arrival of such international brands as IKEA and regional leaders as Akropolis.

We see improved readiness of companies to invest, which is facilitated by the favourable economic climate, growing optimism among companies, as well as attractive interest rates. Interest rates are still at historically lowest levels, and it is a good opportunity for companies to secure long-term financing on advantageous terms."

During 2017 SEB Latvia issued new loans to more than 4900 companies in Latvia. This is by 4% more than in 2016, when 4700 companies received new loans.

December was the most active month in 2017 in terms of new lending, when the bank signed credit deals with almost 380 companies with total value of EUR 141 million.

Approximately 2700 new companies became SEB bank's clients during last year.

According to the Association of Latvian Commercial Banks, in Q3 2017 SEB Latvia held the largest commercial loan portfolio among Latvian banks - EUR 1.66 billion or 18.6% of all loans issued to companies in Latvia.

The total amount of new lending to private individuals and companies during last year reached EUR 965 million, which is by 28% more in comparison with 2016.

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