| Emitents | Reverta, AS (iepriekšējais nosaukums - Parex banka, AS) (097900BHBR0000064855) |
| Veids | Citi |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2010-08-10 15:28:14 |
| Versijas komentārs | |
| Teksts |
ANNOUNCEMENT TO THE PRESS
Riga, 10 August 2010
Parex Banka Plans to Give Up Moody's
Services
Considering the specific nature of Parex banka’s future
activities as resolution bank, and that the Bank does not plan
to attract new depositors or grant new loans, Parex banka no longer
has any need to be rated. Accordingly, the current agreement with
Moody’s International Rating Agency has been reviewed on the
formalities required to terminate the agreement. This is consistent
with the Bank’s determination to restrict minimum and to meet the
Bank’s operational needs, thus decreasing the Bank’s administrative
costs.
As the restructuring process of Parex banka completed on 1
August, it launched its activity in accordance with its new goals
and functions as a resolution bank, setting maximum recovery of the
State’s investments as its top priority.
Chris Gwilliam, Chairman of the Board of Parex banka,
emphasizes: “Services provided by Moody’s International Rating
Agency are vital when a company is interested in attracting
additional funds or, for example, potential investors. However we
do not plan to carry out such activities because they are not
related with the goals and tasks that Parex banka has
set.”
In accordance with Parex banka’s strategy, its future activity
will be focused on loan restructuring and securing overtaken loans
which mostly will take the form of effective management of real
estate. As the situation improves on the Real Estate market, Parex
banka plans to realise assets for the best price possible based on
a property conducted transparent process in the interest of all
stakeholders.
We would like to remind that two enterprises were established
as a result of Parex banka’s restructuring – most of the previous
Parex banka’s assets were transferred to Citadele banka and the
non-performing assets were left in Parex banka – the resolution
bank.
Additional information:
Marita Ozoliņa-Tumanovska
Head of Communications and Marketing
AS “Parex banka”
Tel. 67778386 or 29287169
e-mail: Marita.Ozolina-Tumanovska@parex.lv
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