Banks, EU – Baltic States, Financial Services, Investments, Latvia

The bank will inform the public about its IPO plans at a press conference in the Citadele head office 11 a.m. today. Citadele CEO Guntis Belavskis and board member Aldis Paegle, and Nasdaq Riga CEO Daiga Auzina-Melalksne will participate in the press conference.

During the past five years, Citadele has become one of the most popular banks in Latvia, Belavkis said in a statement to the media. "Since the establishment of Citadele in 2010, we have achieved significant improvements in the bank's financial operations. With support from our current shareholders, a new and challenging stage begins in the development of not only Citadele but the entire Baltic capital market," he said.

Citadele Group mostly operates in the Baltic countries, it is a cooperation partner of American Express in Latvia and Lithuania. 75% plus one Citadele share belong to a group of international investors, represented by the investment company Ripplewood Advisors LLC. The other shareholder is the European Bank for Reconstruction and Development, which holds 25% minus one share in Citadele.

In the first six months this year, Citadele Group posted EUR 14.9 million in profit, a 3% increase on the first half of 2014.

At the end of June, Citadele Group's assets were worth EUR 2.8 billion. The bank's loan portfolio is over EUR 1 billion and investment portfolio EUR 2.4 billion.