Nomura will provide support and consultations during Parex banka’s restructuring process. The consultant will develop a strategy and business plan for Parex banka and its restructured units, as well as establish an effective management model for the newly established structures of the bank. Following the approval of the restructuring plan by the government, Nomura’s task will be to provide consultations and support for the implementation of the plan. The last phase in the partnership with the consultant will be the successful sale of the restructured bank and the units established in the process of the restructuring.

 

The consultant will study potential investors, assess their proposals and participate in negotiations to facilitate the best terms and conditions for the sale of the bank. Likewise, Nomura will render assistance in the negotiations with the European Commission, International Monetary Fund and the European Bank for Reconstruction and Development concerning the sale of the bank and its units established as a result of restructuring.

 

Conclusion of the new agreement terminates the previously signed agreement on consultancy services with Nomura.

 

 

Founded in 1992, Parex banka currently employs some 1 900 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. Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 73.4% of the Bank’s shares, but 22.4% are owned 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

Corporate Communications Department

Telephone: +371 67778870 or +371 26564629

E-mail: pr@parex.lv