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Wednesday 17.01.2018 | Name days: Tenis, Dravis
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PA: there have not been any scenarios regarding liquidation of Citadele

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUSeveral offers from potential Citadele Bank investors have been received. The investor attraction process is progressing in accordance with our plan, as reported by the Privatization Agency.

‘Citadele Bank has been successfully developing lately. Investor interest for its shares is enough to provide competition. With the attraction of an investor, the bank will be able to work as a fully-fledged member of the market, which will open up more development opportunities. The process of attracting an investor for Citadele was timely and professionally planned,’ – PA states in its report.

‘No scenarios regarding the possible liquidation of the bank have been discussed so far and are definitely not on the current agenda. Potential investors are currently engaged in in-depth analysis of the bank. In addition to the share sale scenario, the possibility of a public offer is also considered at this time. The final decision regarding the attraction of an investor for the bank will be made this summer, when investors’ offers will have been received and reviewed,’ – says the PA.

This statement was released after news started circulating in the media, speculating that Citadele Bank may end up being liquidated if it is not sold by the end of the year. According to Neatkarīgā newspaper, this possibility can be interpreted from a secret document that was signed on behalf of Latvia by once the Latvian Finance Minister Einars Repše and once the Latvian Economy Minister Artis Kampars.

The two former Latvian ministers had acquired such liabilities before the European Commission. This is why it should be viewed as responsibilities, which, if not completed, may lead to very serious sanctions, as written by the newspaper.

The document signed in 2010 states that Citadele bank may allegedly be sold during this government’s time. This may result in significant funds being added to the state treasury on the one hand, and leaving Latvia unable to choose the appropriate time to sell the bank. On top of that, the choice of potential buyers may be forcefully limited to only ones that are present at this time, as written by Neatkarīgā.

This, on the other hand, actualizes the matter of whether or not the state will be able to recover the funds it had once poured into the bank’s predecessor – Parex – in order to save it.

Ref: 102.109.109.4243


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