Azerbaijan, Baku, 10 Dec / Trend , corr.U.Ismayilova /Parex Leasing & Factoring Ltd., is one of the largest leasing companies in Azerbaijan with 100% Latvian capital, has suspended financing of new projects of company's founder Latvian Parex Bank due to the global financial crisis, the company said on 10 Dec.
At present, company continues its functioning and woks with its previous projects, as Parex Bank has not made its final decision on suspension of activity of the daughter company.
In November, Latvia made a decision about acquisition of control package of shares in Parex Bank capital at the emergency meeting in order to save this bank from bankruptcy.
The acquired by 51% package of shares will be transmitted to the state owned Latvijas Hipotеku un zemes banka. However, on 3 Dec, the decision about the takeover of 84.83% of shares of Parex Bank was accepted at the special session of Latvia. State assumed the obligation to guaranty syndicated credits of bank.
Parex bank is the largest bank of Latvia. As for the end of Apr 2008, bank took the first place thanks to the number of attracted investments (with market share of 19.8%) and second place thanks to the number of assets (with market share of 14.4%).
Parex Leasing and Factoring has been operating since March 2005. Leasing companies of Parex Bank have been operating in Moscow, St.Petersburg, Kiev, Minsk, Tallinn and Vilnius. The authorized capital of Parex Leasing & Factoring is paid to $50,000. The leasing portfolio of company to the beginning of August was $46.9 mln.
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