First Citizen, as part of its ongoing growth strategy and commitment to the Motor Industry among other sectors, has recently concluded negotiations for a new capital raise totalling €70m. This new investment will facilitate further growth and support the business and new lending up until 2020. The new capital raise will enable First Citizen to develop additional products and expand its overall financial footprint in the Irish market. It will also enhance the development of Motor / Agri / SME Equipment finance operations to new levels and underpin the company’s entry into the Commercial Real Estate finance market.
We are also delighted to announce that First Citizen has recently completed the ‘First Publicly Listed Irish Auto Securitisation’ comprising of c. €158m in receivables. The portfolio was rated AAA / Aaa by rating agencies Moody’s and Standard and Poor’s. It has allowed us access competitive funding on the European markets and together with planned future securitisations will help us offer substantial opportunities to the Irish Motor Industry.
