Citadele Bank has granted a loan of two million euros to the official distributor of Toyota and Lexus cars in Latvia and Estonia “Amserv Motors”, LETA told the bank.
The bank said that Amserv Motors had invested a loan of two million euros in the purchase of vehicles, with a special emphasis on hybrid and electric cars.
“Our industry suffered significantly during the pandemic, but as vaccination rates increased and restrictions eased, buyers and markets began to recover. We are seeing increasing interest in both new and used car sales. Thanks to Citadele Bank co-financing, we have been able to significantly expand our used and The offer of new cars, “said Tons Vanajūrs, CFO of Amserv Group.
He also pointed out that the interest in more environmentally friendly cars is growing every year, which is reflected in both sales figures and daily communication from individuals and corporate customers. “We can already see that the hybrid and electric car class is purposefully making its breakthrough and moving away from internal combustion engine cars, so this segment will continue to be one of our main developments. The potential of this car class is evidenced by the fact that approximately, the electric car category experienced the smallest decline, “said a representative of the Amserv Group.
In 2020, 31% of Amserv Motors customers in Latvia chose to buy a hybrid car in the new car trade, while a year earlier this share was less than 28%. In Estonia, 38.5% of Amserv Motors customers decided to buy a hybrid car last year.
“In both countries – Latvia and Estonia – there is also an increase in demand for little-used cars that are economical and up to three years old. We explain this with people’s desire to avoid using public transport as much as possible during the pandemic,” Vanajūrs added.
The company “Amserv Motors” was registered in 1998, and its share capital is 481,740 euros, according to “Firmas.lv” information. The sole owner of the company is the Estonian Amserv Auto, but its real beneficiaries are Estonian citizens Raivo Kutts and Raivo Avisto. In 2019, the turnover of Amserv Motors was 44.908 million euros, but the company’s profit was 902,311 euros. The company’s financial results for 2020 have not been published yet.
In terms of assets, Citadele Bank is the second largest bank in Latvia. Its bonds are listed on the Nasdaq Riga stock exchange. The bank’s shareholders are the subsidiary of the US investment company Ripplewood, RA Citadele Holdings LLC and a group of international investors (75% plus one share) and the European Bank for Reconstruction and Development (25% minus one share).
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