Banks, Financial Services, Latvia, Legislation

CEO of Latvian Privatization Agency, Ansis Spridzans, told LETA that he and board member Guntis Lausks submitted their resignation letters yesterday because they do not support the government's decision to sign the agreement on selling Citadele without delay. Specifically, Spridzans pointed out, this taking into account that there was a chance to discuss the agreement's terms until the end of the year. Spridzans believes that the terms need to be improved, as they are "not good enough", nevertheless, the government plans to sign the agreement as soon as possible.

Spridzans and Lausks refuse to sign under the current terms. Spridzans did not provide detailed comment on what exactly should be improved, adding that the Citadele sale agreement is a confidential document, and its contents cannot be revealed publicly.

"Time will show whether this was the best option," Spridzans said.

The Privatization Agency's shareholders will hold a meeting today in order to decide on further action.

As reported, following Societe Generale's recommendation, the government decided on Tuesday to sign the Citadele sale agreement with U.S fund Ripplewood Advisors LLC.