Citadele Bank investors receive authorisation for acquisition of qualifying holding

15.04.2015
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Riga, 15.04.2015
Press Release

Citadele Bank investors receive authorisation for acquisition of qualifying holding

Today, by the final decision of Governing Council of the European Central Bank (ECB) the evaluation process of the new Citadele Bank investors has been finalized and RA Citadele Holdings LLC – a subsidiary of Ripplewood Advisors LLC along with a group of 12 international investors have received authorisation for the acquisition of all the State-owned Bank’s share.

This careful evaluation process by the supervisory authorities focused on five key statutory criteria: free capital adequacy, financial soundness, legality of origin of the funds committed, reputation of investors and business plan outlining the vision and strategy for the Bank’s further performance.

The completion of the acquisition is still subject to finalization in cooperation with the Privatization Agency.

Since the Bank has subsidiaries in Lithuania and Switzerland, investors will have to receive the approval also from the regulators of those countries for the acquisition of the qualifying holding in the subsidiaries.

In accordance with the agreement for the sale of Citadele Bank shares entered into on 5 November 2014, “RA Citadele Holdings LLC” and the group of 12 international investors agreed to purchase the State-owned Bank’s share of 75% minus 1 share stake in Citadele Bank.

Further information:
Marija Makareviča
Head of Communications Division
Financial and Capital Market Commission
Telephone: +371 67774808; +371 26893967
marija.makarevica@fktk.lv
 

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