Teksts
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Consistently and purposefully continuing to work on the
determined tasks, Parex banka has concluded a beneficial
transaction on selling Parex Leasing and Extroleasing, its Russian
subsidiaries, to a company that belongs to Unicorbank Group
(Russia). The first payment already recovered more than USD 14.5
million. Until the end of 2013 Parex banka is going to continue
receiving payments from gradual selling of the leasing company’s
problematic asset portfolio. The carefully thought-out structure
and conditions of the transaction will ensure the flow of funds
necessary for repayment of the State investments thus facilitating
accomplishment of the goals determined in the restructuring plan.
The funds recovered from Russian leasing companies are significant
– over USD 120 million have been received since the State became
the chief shareholder of Parex banka.
Selling of Parex Leasing and Extroleasing was conducted in
accordance with the restructuring plan approved by the Cabinet of
Ministers and the European Commission. The plan provided for
termination of activity of Parex banka’s leasing companies in the
CIS by 31 December 2013 by means of selling or winding them up. The
plan did not anticipate investment of additional funds in
development and maintenance of business activity of these
companies.
“Considering the directions of activity and restrictions determined
in the restructuring plan, gains from selling Parex Leasing and
Extroleasing are significantly larger than we could expect from
continuing the companies’ business activity in a limited period of
time followed by their subsequent wind-up. Therefore I am glad that
we were able to use the beneficial situation in our favour and
conclude the planned transaction in a time when the market is
generally more advantageous for buyers than sellers. Presently we
are actively reviewing the opportunities of selling our leasing
companies in Ukraine and Azerbaijan,” says Christopher Gwilliam,
Parex banka’s Chair.
In accordance with the set tasks, since 2009 Parex banka has been
assessing the opportunities of selling its leasing companies
located in the CIS. A total of approximately 200 applicants have
been reviewed. Several potential buyers expressed their interest in
purchasing Parex Leasing and Extroleasing, including Unicorbank,
whose offer was acknowledged as the best.
The decision on selling both subsidiaries was passed after a group
the Bank’s of specialists and an independent international expert
company carried out an in-depth analysis of possible business
development scenarios, including comparison of cash flows that
Extroleasing and Parex Leasing could generate until termination of
their activity in the end of 2013 with the economic benefits from
immediate selling at a correspondingly determined price. Such
important factors as location of Extroleasing and Parex Leasing in
the CIS and the business and legal risks arising from this fact as
well as expected costs of the companies' wind-up were considered
in the calculations. Similarly, great attention was paid to the
applications for purchasing assets, assessing the offered price,
business partner’s reputation, sufficiency of funds, legality of
the indicated funds and other significant factors in accordance
with the procedures approved by the Bank. As a result,
Unicorbank’s offer was found as the optimum one which complies with
the determined selling criteria and enables Parex banka to recover
a significant share of the funds invested by the
State.
Video (Christopher Gwilliam about Parex Leasing and Extroleasing
selling process): http://www.youtube.com/watch?v=xrXsz-uRmWI
About Parex banka:
Since 1 August 2010 when Parex banka launched its activity as a
solution bank, simultaneously discontinuing provision of such
classical bank services as account and deposit services, loans and
others. The main goal of Parex banka is to recover State
investments to the maximum amount possible.
In May 2011 Parex banka successfully implemented the first of its
very important tasks: it repaid the last instalment of the
international syndicated loan guaranteed by the State in the amount
of 164 million Lats. Bank repaid this sum from its own funds thus
releasing the State and taxpayers from voluminous liabilities.
Majority shareholders of Parex banka are the State of Latvia which
is represented by Privatization Agency and the European Bank for
Reconstruction and Development (EBRD).
Please visit Parex banka’s website to find out more:
www.parex.lv.
Detailed information available at:
Marita Ozoliņa-Tumanovska
Head of Communications and Marketing Department
Tel. 67779142 or 29287169
e-mail: Marita.Ozolina@parex.lv
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