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Government moves forward with bank takeover sale

Jun 26, 2014
From wire reports, RIGA

Government moves forward with bank takeover sale

The Latvian government has narrowed down the list of prospective buyers of Citadele bank, Finance Minister Vjaceslavs Dombrovskis (Reform Party) said after the government meeting.

Dombrovskis did not mention how many bidders have been selected, however, in the coming two to three weeks, the remaining bidders will be able to receive more detailed information about the bank's financial indexes and credit portfolio, after which they will have to submit a price offer.

The government will then review the offers and choose one candidate for further discussions.

Dombrovskis also said that the bank's sale process will be reviewed by Saeima National Security Committee, however, he strongly opposes review of the matter by any other committees, as this could lead to information leaks. 

Potentiall Citadele bank investors have expressed their bewilderment at information leaks to the public on the bank's sale process.

The agreement with the European Commission stipulates that Citadele must be sold before the end of 2014. If the Latvian government fails to do so, the European Commission will most likely take over the process and sell the bank swiftly and - most probably - for a very low price, Dombrovskis said.

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