Banks, Financial Services, Investments, Latvia, Legislation

She stressed that it is important to keep in mind national strategic interests, business plan, security, etc. After evaluating all of these aspects, the government has decided to choose only one investor, while the rest will remain "on standby".

Straujuma explained that Latvia's banking sector requires "diversification, as it is currently dominated by Scandinavian and Russian banks."

As reported, at the end of July, the government decided during a closed meeting 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, the Latvian State Television's broadcast "Panorama" reported.

"Panorama" reported 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.