Wed, 18 May 2011: Plaude-Relingere ruling overturned…

The bank said in its petition that Riga Vidzeme District Court’s decision to declare Plaude-Relingere insolvent was unfounded, and claimed that several procedural and legal provisions were v...

Wed, 27 Apr 2011: Rules say ‘no’ to use of reserves…

The government split Parex into an asset management company and created a new retail bank called Citadele Bank in preparation for the sale of both. “Our mandatory reserves are calculated a...

Wed, 30 Mar 2011: Parex loss to be substantial for state…

It has one month before it’s due, said Bourke. Since Aug. 1, 2010, when Parex discontinued rendering such typical banking services as account and deposit services and loan issuing, its mai...

Thu, 20 Jan 2011: Interest rates remain steady…

The bank has cut the rate a total of 2.5 percentage points since March 2009. “Taking into account the stabilization of the economic situation, as well as the fact that inflation at the begi...

Wed, 12 May 2010: Parex starts selling off the pieces…

Both WestLeasing Group and Parex Leasing are the leaders on the local market. Renat Lokomet, deputy head of Rietumu’s Credit and Investment Department, noted that “In the deal process...

Thu, 1 Apr 2010: Dombrovskis says to get tough on Greece…

“Other countries should not be punished because one of the euro zone countries is not performing. What will be needed is stronger monitoring and a sanctions mechanism.” Latvia turned ...

Thu, 25 Mar 2010: Nomura delivers Parex restructuring plan…

Prime Minister Valdis Dombrovskis (New Era) has said that “the most promising option for restructuring the troubled bank is to take the core assets of Parex and establish a new bank on their...

Wed, 10 Feb 2010: Parex gets new funds…

According to information provided by Parex, of the approximately 218 million lats which is necessary for the current credit syndicate repayment, the bank will be able to provide around 118 milli...

Wed, 10 Feb 2010: Tough decisions finally showing positive results…

Latvia’s interbank lending rates have dropped and credit-default swaps are down. Latvia was forced to turn to a group of international lenders, led by the European Commission and the IMF,...

Wed, 3 Feb 2010: Parex looks to raise more capital…

Each bond will pay an interest rate of 5 percent with a maturity of two years, with the bank having early redemption rights. The planned issue date for the bonds is Feb. 15 of this year. The bon...

Thu, 28 Jan 2010: Parex searches for appropriate buyer…

Parex, whose failure in 2008 triggered the Latvian government’s need to turn to an IMF-led group to obtain international lending support through a 7.5 billion euro loan package, “may...

Wed, 13 Jan 2010: Parex still in the red…

Mounting foreclosures, and sinking asset values on the banks’ books, mean that banks need to keep adding to their bad debt reserves, resulting in the need for additional capital to bolster b...

Thu, 10 Sep 2009: Parex welcomes new owner and capital…

As part of a planned future capital increase at Parex the EBRD plans to purchase a further 6,062,500 shares, bringing its total investment to 57,506,825 shares, with voting rights, at an investmen...

Thu, 27 Aug 2009: Growing reserves keep pressure on Parex…

The non-audited financial report claims that "the first half year's results were significantly affected by the creation of additional reserves, because of the loss of value in current assets." The...

Wed, 5 Aug 2009: Questions remain over Parex deal…

The government took over Parex on Nov. 8, 2008 injecting about 200 million lats onto its balance sheet. The commission approved an initial aid package last November, which consisted of state gua...

Wed, 24 Oct 2007: Parex launches online brokerage…

The website describes the special features of FOREX, futures and securities markets, as well as featuring regularly updated research materials prepared by senior Parexanalysts. "FOREX and securiti...

Wed, 20 Sep 2006: Norwegian firm buys Parex Insurance…

According to Parex representatives, the Norwegian company has characterized the business environment in the Baltic states as highly attractive, and thought the deal advantageous due to expected ...

Wed, 24 May 2006: State, private shareholders agree on framework for sale of Ventspils Naf…

The agreement represents a breakthrough since both sides have been notoriously unable to see eye-to-eye on the oil terminal's future prospects. Still, Stokenbergs indicated that the understanding ...

Wed, 29 Mar 2006: Parex sees bottom line soar…

In the past the bank's president, Valery Kargin, has deflected criticism by saying that asset-growth wasn't an end in itself and that the bank's goal was to boost profitability and increase share...

Wed, 7 Dec 2005: Auction for bankrupt ferry may be delayed…

Jurkans said that is was quite likely that the bailiff was acting in compliance, but he wanted "to eliminate any shadow of doubt" by turning to the court. Court executor Ainars Susts plans to put ...

Wed, 8 Jun 2005: European investors snap up Parex eurobonds…

The road show for the offering took place two months ago, but the actual placement had been postponed due to unfavorable conditions on international bond markets. Once prices for debt picked up, P...

Wed, 16 Mar 2005: Strong GDP forecast for Latvia…

For the time being, Unibanka will not change its annual inflation forecast, which is still expected at 5.4 percent, according to Vilks. The bank will revise its forecast only "if the inflation is ...

Thu, 13 Nov 2003: Parex expanding eastward…

Parex Asset Management said in a statement that its position in the Baltic states had been strengthened in the first six months of 2003 through a 35 percent growth in assets under management. Half...
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