Latvian Parex Bank preserves old strategy

Business Materials 9 December 2009 12:58 (UTC +04:00)

Azerbaijan, Baku, Dec. 9 / Trend N. Ismayilova /

Latvian Parex Bank is preserving its old strategy and expanding its range of products in the CIS, Senior Deputy President Robert Idelson said. 

"The strategy remained the same. The CIS market is always important for us. The only changes in this direction apply to our range of products. Now it is more expansive," Idelson said.

He added that besides classic services to which clients are accustomed, the bank now renders such services as investment portfolio governance and financial consultations. 

"We also continue to actively work with clients from the post-Soviet sphere. Our strategy has not changed," Idelson said.

He added that private individuals with their own capital are mainly the bank's clients in the CIS. They invest in deposits and securities using an accumulative plan. These individuals usually have their own businesses. The funds of these business are transferred through the bank where they serve as personal savings. 

The total portfolio of Parex Bank in Azerbaijan is $200 million, including the leasing subsidiary structure portfolio in the country and credit lines.

Parex Bank was founded in 1992. Bank representative offices, branches and subsidiaries are located in 12 countries worldwide, including branches in Berlin, Stockholm and Tallinn. Parex Bank is the only partner for cooperation with American Express in Latvia and Lithuania.