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

One of these candidates was Norvik banka, however, it turned out that its financial indices were not sufficient to acquire Citadale. Another candidate was "Expobank", which is included on Canada's list of sanctions in connection with Russia's aggression in Ukraine.

Russian billionaire Yuri Shefler also inquired Citadale shares, however, the Security Police objected against his candidacy. Latvian businessman Maris Martinsons – former business partner of CEO of the U.S. fund Ripplewood Holdings Tim Collins – also dropped out of the competition.

The government decided that Citadale shares will be sold to Collins' Ripplewood Holdings and his partners.

Neka personiga indicates that the European Commission previously decided that Latvia must sell the bank's shares until the end of this year.

As reported, 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.