OREANDA-NEWS. November 13, 2015. AS Citadele banka (the "Company" or the "Bank") today announces the postponement of its initial public offering ("IPO" or the "Offer") due to ongoing unfavourable market conditions and the decision to assess alternative potential strategic funding opportunities.

While there was positive investor interest in the IPO from retail and institutional investors, market conditions for new issuers have been difficult. The IPO roadshow has, however, been a productive means to market both the Company and the Baltic region's equity story. As a result, several potential strategic funding alternatives have arisen. In light of this, the Company has postponed its IPO process to pursue and assess these strategic opportunities that could bring more value and best serve the interests of the Company. 

The Company will continue to focus on its growth strategy across the Baltic region to enhance the position of the Bank, its customers and its investors. Management retains its ambition for Citadele to become the "go-to" bank in Latvia, Lithuania and Estonia.

Guntis Be?avskis, Chief Executive Officer, commented:

"While the market and pricing environment have led us to postpone our IPO, investor interest in Citadele was encouraging. As a result of the intensive marketing exercise, additional potential strategic funding options have been presented to us. Together with our long-term shareholders, we look forward to exploring these options in due course. We retain a robust and profitable business and we have full confidence that this decision is right for the future development of Citadele. We maintain our commitment to delivering quality banking products and services to our valued customers."