The Latvian government has adopted a strategy of banks selling Parex and Citadele

The Government of Latvia adopted the strategy of selling AS Citadele banka, and AS Parex banka. The document provides for the sale of both banks independently of each other, using the most appropriate decision for each bank, announced today, May 18, a REGNUM correspondent, the press service of the Ministry of Finance of Latvia. According to the developed financial advisor to Nomura International rlc and approved by the Cabinet Strategy (Nomura), Citadele banka will be sold at auction. Pre-selection of candidates will be organized in two phases. In the process of selling Citadele banka investors will have the opportunity to prepare the initial proposal and, if they are consistent with the strategy of selling a bank approved by the government, investors will be invited to conduct a more thorough investigation and to submit final proposals. Sale Citadele banka will be launched shortly, will provide its financial adviser Nomura International rlc and SARA privatization. The Government looks forward to a transparent process of privatization Citadele banka and increased competition among investors. Selling the bank at an auction, the Cabinet expects the most effective way to return the invested funds of the state, as well as provide high quality banking services to clients and the stability of public finances, according to the Ministry of Finance. By Parex banka will apply a combined strategy of sales, which currently does not involve the sale of the bank as a whole, and is aimed at maintaining and increasing the value of its assets. Today Parex banka not be offered to investors as a whole. Carrying out development strategy will be taken to maintain and increase the value of assets to the most efficient way to return the invested funds of the state, insists the Finance Ministry. As reported IA REGNUM, 23 March 2010 the Latvian government decided to approve the restructuring of the nationalized at the turn of 2008-2009, JSC Parex banka, entail a separation of banking assets and the creation of a new bank. According to the restructuring plan on Aug. 1, 2010 was completed the transfer of JSC Parex banka JSC Citadele banka, and now it is operationally independent lending institutions. The European Commission approved a restructuring plan on Sept. 15, 2010. In late 2010, the sum of bank assets Citadele banka ranked fifth among the 29-year-banks operating in Latvia. Source: REGNUM