Banks, EU – Baltic States, Financial Services, Funds, Investments, Latvia, Legislation, USA

Straujuma said that the offer was supported by the other Citadele shareholder – the European Bank for Reconstruction and Development, and that the sales agreement will be coordinated in the near future.

As reported, at the end of July, the government decided during a closed meeting to offer the U.S. fund Ripplewood Holdings an exclusive opportunity to analyze for a period of one month buying Citadele for EUR 113 million. This is the smallest amount at which the government can sell the bank without incurring losses for the state, the Latvian State Television's broadcast "Panorama" reported.

"Panorama" reported unofficial information that previously Russian businessmen Yuri Shefler, the largest shareholder in S.P.I. Group, the parent company of Latvijas balzams, had offered to pay the highest amount for Citadele – EUR 105 million.

Citadele was founded in 2010 as a result of restructuring of Parex banka. Currently, the Latvian Privatization Agency owns 75% of shares, while 25% belong to European Bank for Reconstruction and Development.