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Latvia is not likely to sell the ailing Parex Bank this year

By Editor . 26.03.2009

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Parex Bank not to be sold in 2009 said Andris Siksnis, the head of the Latvian branch of Nordea bank informs BNS.

"My opinion is that in 2009 or in the coming months -it will be difficult to sell Parex as there are too many uncertain factors about current Latvia's economic situation and the bank itself," Siksnis said.

He said that if the new government and the new administration of Parex Bank will operate actively, it will bring some clarity and transparency and the bank resumes its active work, a successful sale cannot be excluded. "However, the current situation is very complicated," he said.

Parex, Latvia's second largest bank, sought government assistance to stave off financial trouble brought about by the global financial crisis. At the end of 2008, the Latvian government decided to take over a controlling stake in Parex Bank through the state-owned Mortgage Bank. The Latvian state now holds 84.83 percent of Parex Bank shares that had belonged to the bank's founders, major shareholders and top executives Valerijs Kargins and Viktors Krasovickis.

 




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