Banks, Financial Services, Investments, Latvia, Legislation

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Latvian PM: Citadele could be sold in mid-September

BC, Riga, 19.08.2014.Print version
During an interview with the Latvian State Television show "Rita Panorama" today, Prime Minister Laimdota Straujuma (Unity) declined to comment on the government's decision in regard to selling the Citadele bank, however, she admitted that the prospective investor should come up with an offer by the end of August, and that the final decision could be made in mid-September 2014, informs LETA.

Straujuma was reluctant in answering questions about the sale of the bank, however, she admitted that there is one potential investor who will have to prepare an offer by August 25, adding that there was a request to extend the deadline by 10 days.

 

"This is a complicated issue, and the deadline will be extended as there is currently a large team of auditors involved. It is important that the bank is sold while it is in a good shape, and it is even more important that the bank is sold to a solid investor that could continue to invest into the bank, stabilizing the entire Latvian banking system," Straujuma said.

 

Straujuma declined to answer further questions about the potential investor and the price for which the bank could be sold. She only said that if all the said problems are solved successfully, Citadele bank could be sold by mid-September.





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