October 18, 2013 / 1:56 PM / 4 years ago

Latvia considering IPO for Citadele Bank-PM

LONDON, Oct 18 (Reuters) - Latvia is considering an initial public offering for state-owned Citadele Bank but is also open to the idea of selling it to a “strategic investor”, the country’s prime minister said on Friday.

“We would like to see a strategic investor if there is a good strategic investor, we are seriously considering this option of IPO,” Valdis Dombrovskis told an investor conference at the headquarters of the European Bank for Reconstruction and Development (EBRD). “We are working in both directions.”

Dombrovskis later told a news conference that the sale of the bank would take place within the next year.

The Latvian government has a 75 percent stake in Citadele Bank, and the EBRD holds the remaining 25 percent.

Latvia will join the euro zone as its 18th member on Jan 1, 2014.

Reporting by Carolyn Cohn and Julia Fioretti

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