Parex Banka representative office in Azerbaijan passes re-registration
Azerbaijan, Baku, Aug.7 / Trend, N.Ismayilova /
Parex Banka representative office in Azerbaijan within a month will complete the process of re-registration due to structural changes in the main bank, which will be divided into two banks Parex Banka and Citadele banka, said Andrejs Krivans, Chief of the Parex Bank Baku Office.
"Our representative office will be named Citadele banka, and now the bank passes the process of re-registration, which will end within 1-1.5 months," he said.
The division of the bank is based on the principle: good assets will be transferred to Citadele banka, but non-business assets will remain in the" old "bank for the new bank to have a good balance, and work steadily with profit. Parex banka will preserve its position in Azerbaijan, transferring it to Citadele banka.
JSC Citadele banka is a credit institution established within the restructuring plan of JSC Parex banka and its founder Privatizācijas aģentūra..
Aug.1, 2010 passed the process of dividing assets and Citadele banka was established.The European Bank for Reconstruction and Development (EBRD) will own 25 percent shares of the new bank, created in the restructuring of Parex banka.
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.
Parex banka was founded in 1992. Offices, branches and subsidiaries of the bank are located in 12 countries, including branches in Berlin, Stockholm, Tallinn.There is a representative office in Azerbaijan.
The total portfolio of Parex Banka in Azerbaijan today is $200 million, including the portfolio of the leasing subsidiary structure in the country and credit lines.