Both transactions were carried out as transfers of parts of a credit institution business under supervision of the Financial and Capital Market Commission. Transfer of a credit institution business at the time was a novel transaction in Latvia. This was the first time when such type of a transaction was used for transfer of business by privately owned transaction parties. Prior to that such transaction was only used for separation of the business of Citadele Bank from the state owned Parex Bank.
Due to the fact that a compulsory precondition for a transfer of a part of business of a credit institution is its fair evaluation in operating market conditions, the parts to be transferred were diligently evaluated and their split and transfer to the acquirers economically and tax wise assessed.