Banks, Financial Services, Investments, Latvia, Legislation, USA

The government has accepted Ripplewood Holdings offer, according to which 25% of the bank's shares will be acquired by Ripplewood Holdings, 50% by currently undisclosed investors, and 25% by the European Bank for Reconstruction and Development.

Latvian State Television reported that the investor has offered to pay EUR 92 million for the bank, however, the payment could be cleared over a longer period of time, while the actual amount could be much lower. The buyer will also take into account the bank's liquidity, and in the end the investor could actually pay EUR 65-70 million for the bank.

Meanwhile, LNT reported that a much larger offer had come from another candidate – Yuri Shefler, the owner of the SPI Group. Shefler offered a total of EUR 130 million for the bank, EUR 105 million of which would be paid right away, and the remaining EUR 25 million later if inspections at the bank would not reveal any losses.

LTV reported last week that, according to unofficial information, Ripplewood Holdings wanted to pay half the government's original price for the bank, namely, "only" EUR 63 million, however, Prime Minister Laimdota Straujuma said that these rumors were false.