Latvian Parex banka sells one of assets in Azerbaijan
Azerbaijan, Baku, July 3 / Trend N. Ismayilova /
Latvia's Parex banka announced its intention to sell the Azerbaijani leasing company Parex Leasing & Factoring, operating since March 2005, Parex banka senior vice president and head of the Directorate for managing capital Robert Idelson said in Baku. Share capital of Parex Leasing & Factoring has been paid for $50,000.
He said that currently the bank is exempt from similar assets in Russia and Ukraine, and leasing company in Belarus have already been sold.
JSC Citadele banka is a credit institution established within the restructuring plan of JSC Parex banka and its founder Privatizācijas aģentūra.
The European Bank for Reconstruction and Development (EBRD) will own 25 percent shares of the new bank, created in the restructuring of Parex banka. Since July 1, the government instructed the Privatisation Agency to establish a new lending institution, in which 100 percent will be owned by the state, represented by the agency. The government has decided that 25 percent of the institution will belong to the EBRD June 21.
Part of the funds invested by the state in the bank, namely, 692 million lats, will remain in the old Parex banka, but 230 million lats will be transferred to the new bank.
The state owns 76.6 percent of Parex banka's shares and 19.7 percent - the EBRD.