Parex banka has established a subsidiary, SIA NIF (“Nekustamo īpašumu fonds”, or “Real Estate Fund”), which will professionally manage assets that are not related to the Bank’s basic business. This applies to the Bank’s real estate, non-performing loans and alienated properties. The enterprise is intended to become a holding company. Documents to register SIA NIF were submitted to the Latvian Register of Enterprises on September 17.

 

Subsidiaries to the company are to be established by mid-October, and each of these will deal with a particular area of real estate – commercial properties, land, and housing. This process is in line with the bank’s confirmed policy for restructuring.

 

SIA NIF is 100 % owned subsidiary of SC Parex banka.

 

 

Founded in 1992, Parex banka currently employs some 2,000 people at branches all over Latvia and offers universal banking services throughout the Baltic region, the CIS and other European nations such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Parex banka is the only partner of American Express in Latvia and Lithuania, allowed to issue American Express credit cards. Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 70,3% of the Bank’s shares, but 25% are controlled by the European Bank for Reconstruction and Development. Parex banka has signed up to the European Code of Conduct on housing loans.

 

For more information:

Inga Saleniece, acting director

Corporate Communications Department

Telephone: +3716777-8870 or +371 26564629

E-mail: pr@parex.lv