Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 12:05

Latvias government agrees to sell Citadele

BC, Riga, 01.08.2014.Print version
RIGAThe government decided during a closed meeting on Tuesday to offer the U.S. fund Ripplewood Holdings an exclusive opportunity to analyze for a period of one month buying Citadele for EUR 113 million. This is the smallest amount at which the government can sell the bank without incurring losses for the state, informs LETA reffering to the Latvian State Television's broadcast Panorama.

Panorama has unofficial information that previously Russian businessmen Yuri Shefler, the largest shareholder in S.P.I. Group, the parent company of Latvijas balzams, had offered to pay the highest amount for Citadele - EUR 105 million.


Economy Minister Vjaceslavs Dombrovskis (Reform Party) admitted that the government had considered selling CItadele this week, but declined to comment on what exactly had been decided during the government's meeting.


As reported, Citadele was founded in 2010 as a result of restructuring of Parex banka. Currently, the Latvian Privatization Agency owns 75% of shares, while 25% belong to European Bank for Reconstruction and Development.






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