Latvian bank may assist in new mortgage product delivery to Azerbaijani bank
Azerbaijan, Baku, Dec. 13 / Trend N. Ismayilova /
Latvian Citadele banka will continue working with Azerbaijani banks in 2012 in existing areas, Head of Parex Bank's office in Azerbaijan Andrejs Krivans told Trend on Monday.
"We will continue maintaining friendly relations with the banks, the Central Bank and the association of banks in the country," he said. He said that the state registration of Citadele banka's office in Azerbaijan may also expand this cooperation.
"We do not exclude bringing on new products on to the Azerbaijani market," he said. "For example, there is great interest in mortgage lending in Azerbaijan. Perhaps, we can render technical assistance to bring interesting products on the social mortgage to the market."
He said that after Citadele banka's office is registered and Parex Banka's office in the country which has been operating since 2001, will be closed. The need to re-register the bank was caused by structural changes in the head office of the Latvian bank that is divided into two banks - Parex Banka and Citadele banka.
The bank was divided on the following principle: good assets were transferred to Citadele banka, and non-operational assets remained in the old bank for the new bank to be able to operate stably with profit. Parex banka will retain its position in Azerbaijan, transferring it to Citadele banka.
Citadele banka is a credit institution established within the restructuring plan of Parex banka and its founder Privatizācijas aģentūra. On Aug. 1, the bank passed the process of dividing assets and Citadele banka was established. The European Bank for Reconstruction and Development (EBRD) will own 25 per cent of the new bank's shares.
Parex banka was founded in 1992. The bank's offices, branches and subsidiaries are located in 12 countries, including branches in Berlin, Stockholm and Tallinn.