The stock company Reverta (known as the Parex Bank until May 10, 2012) made another payment to the National Treasury on May 14, doing so ahead of the planned schedule.  The payment was transferred in two parts and amounted to EUR 25.2 million.  Of that sum, EUR 8.4 million were paid for state obligations, while EUR 16.8 million were spent on discharging state obligations.

As has been reported, Reverta voluntarily waived its license as a lending institution, and on May 15, 2012, it became the only company in the Baltic States which offers professional management of problematic assets.  The company has an asset portfolio worth nearly EUR 1 billion.  This change in status meant that Reverta no longer had to cover the costs related to the license of a lending institution, and that has allowed it to start its repayments much sooner than had been planned.  During the first five months of this year, Reverta has paid back EUR 47.4 million, and it has also made payments on its syndicated loan at a level of EUR 233.4 million.

The money needed to repay the state aid was received by successfully restructuring loans and by selling certain demand rights.  The most important transaction related to the Moscow Department Store and its linked companies.  This very complicated process required more than 17 months of difficult and complicated work, but it did allow Reverta to recover the full basic sum of the loan – EUR 28 million.


For additional information:
The Parex Bank began operations on May 10, 2012, under a new brand name, Reverta.  It is the only company in the Baltic States and one of the few leading companies in Eastern and Central Europe to offer professional management of problematic assets.  The new brand marks out not just changes in the company’s visual identity, but also in its status in terms of changing itself from a lending institution to a professional manager of problematic assets.

To learn more about Reverta, please visit the company homepage – www.reverta.lv.


For more information:
Marita Ozoliņa-Tumanovska, Manager of
Communications and Marketing Department
Tel. +371-6777-9142 or (mob.) 29287169
marita.ozolina@reverta.lv