The bank seeks to raise €115m, according to the press release. Citadele is focused on becoming the leading local bank of choice for aspiring individuals and businesses and to become a “domestic champion” for banking services in each of the Baltic States.
Citadele Group mostly operates in the Baltic countries, it is a partner of American Express in Latvia and Lithuania.
75 percent plus one Citadele share belong to a group of international investors, represented by the investment company Ripplewood Advisors LLC. The other shareholder is the European Bank for Reconstruction and Development, which holds 25 percent minus one share in Citadele.
In the first six months this year, Citadele Group posted €14.9m in profit, a 3% increase on the first half of 2014.
At the end of June, Citadele Group's assets were worth €2.8b. The bank's loan portfolio is over €1b and its investment portfolio is valued at €2.4b.
Formed from part of the wreckage of the collapsed Parex bank, which became a byword for reckless lending and irresponsible behavior, Citadele was formed under state control and its sale for €75m to a group of investors formed around Ripplewood of the US was completed in April this year.
In June its outlook was boosted to B1 - 'positive' - by Moody's.