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International Internet Magazine. Baltic States news & analytics Wednesday, 19.06.2019, 10:15

Competition Council gives Citadele permission to acquire 12.5% stake in Mobilly

BC, Riga, 19.12.2018.Print version
The Latvian Competition Council has given Citadele Bank permission to acquire a 12.5 percent stake in mobile services provider Mobilly, the competition watchdog’s spokeswoman Zane Gorskova told LETA.

She said that the Competition Council has authorized the deal as it is not expected to lead to any distortion of competition on the market.

“Upon assessing the information provided by the companies and obtained by the Competition Council, it was concluded that the acquisition will not lead to any significant changes in the market structure, weakening of competition or creation or reinforcement of a dominant position on a market. The acquisition deal therefore can be permitted,” the Competition Council said.

The Competition Council informed that on November 14 it received information on the acquisition deal by which Citadele will acquire a 12.5% stake in Mobilly, thus, obtaining a decisive influence in the company’s capital along with other major shareholders.

According to, Mobilly belongs to Normunds Bergs (30.43%), Janis Bergs (26.85%), Uldis Paberzs (23.22%), alternative investment fund ZGI-3 (10.49%), Girts Slavins (5.37%), VVMV (3.64%).

Mobilly was registered in November 2003 and has a share capital of EUR 476,860.

Last year Mobilly posted EUR 961,191 in turnover and EUR 8,032 in profit.

At the end of September 2018, Citadele was the fourth largest bank in Latvia

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