Citadele sale price won’t change, says PM

Following Tuesday’s Cabinet meeting Prime Minister Laimdota Straujuma told the press the sale price for the state-owned shares of commercial bank Citadele would not change in light of the healthy profits reported by the bank for 2014 last week.

She expressed surprise at speculation that the price could be lowered from the originally agreed confidential terms set by the Ripplewood international investors’ group.

The Privatization Agency (PA) had previously told the media that following the release of Citadele’s financial performance for last year, it could not be ruled out that corrections to the final sale price for the bank would be made according to the terms of the agreement.

Last week Citadele released its profit statement reporting €32.4 million in audited earnings, a rise of 138% over 2013.

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