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Monday 16.07.2018 | Name days: Hermīne, Estere
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Signing of Citadele Bank’s sale contract may be put off

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe signing of the contract for the sale of Citadele Bank is under question, said Latvian Economy Minister Vyacheslav Dombrovskis this Thursday, October 30th.

The signing is in question because there is no second Board member of Privatization Agency to supervise it. In order for the Board of PA to be valid, there have to be two Board members.

If no second Board member is found, more time will be necessary to sign the contract on the sale of Citadele Bank, said the Economy Minister.

It may be possible to find a second PA Board member within one week. This new Board member will then require a week to go through documents of the sale before the contract can be signed.

It was initially planned to have the contract between PA and American Ripplewood Holdings signed this Friday, October 31st. It is now clear that this is impossible under current conditions.

It has been decided to appoint Vladimir Loginov, current head of PA Commercial Activities Service, in one of the two vacant posts.

Loginov is one of the experts of the Privatization Agency who regularly took part in government meetings that discussed the sale of Citadele Bank. Loginov also has experience working in the field of investment banks and corporate finances, as well as organizing privatization contracts for companies like Ventspils nafta, Latvijas Unibanka and others.

As previously reported, Chairman of Privatization Agency Ansis Spridzans and Board member Guntis Lausks have left their posts. They are the ones who were supposed to sign the contract on the sale of Citadele Bank this Friday, October 31st.

This Wednesday, Latvian Economy Minister Vyacheslav Dombrovskis received resignations of both Spridzans and Lausks. It is planned that a meeting of PA shareholders will be called this Thursday, October 30th, in order to decide on future actions.

PA public relations manager Guntis Karklins could not provide any detailed comments as to why those two officials decided to leave their posts. When asked if this situation could have an impact on the signing of the Citadele Bank sale contract, Karklins explained Economy Ministry has the authority to find a temporary solution.

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