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

Paul Volcker.

The other investors are Managing Director of Allen & Company Stanley Shuman, co-founder of U.S. investment company Cramer, Roshenthal & McGlynn Gerald Cramer, Canadian fund Vealhouse Capital Management, Director of Belfer Center for Science and International Affairs Graham T. Allison, Chairman of Sustainable Development Technologies of Canada James Balsillie, former President of Copeland Corporation Matthew O. Diggs, former Chief Information Officer of Shinsei Bank Dhananjaya Dvivedi, EMS Capital LP representative Edmond Safra, Managing Partner at BlueMountain Capital James Staley, Chairman of Wolfensohn Fund Management and Wolfensohn&Company, LLC James Wolfensohn, and company Baupost Group.

These investors will acquire 52.6% of Citadele shares, Ripplewood Advisors LLC – 22.4%. The European Bank for Reconstruction and Development (EBRD) will keep its 25% stake in Citadele.

As reported, the sale agreement was signed on November 5 between the Latvian Privatization Agency, a group of 12 international investors and Ripplewood Advisors LLC for the purchase of state shares in joint-stock Citadele in the amount of EUR 74 million.

The Citadele sale agreement stipulates that Ripplewood Holdings will be able to sell the shares in two years time.

The agreement terms stipulate that the investors and EBRD will increase the bank's capital by EUR 10 million.

The deal will be fully covered in the first quarter of 2015, when the respective surveillance institutions will announce their approval.