Latvian Parex Bank has sold its Belarusian
leasing arm for $100 (€79), it has been reported.
The deal has been agreed with Rietumu Banka,
and a second, undisclosed payment will be made on 10 February 2012,
according to Latvia’s Telegraf newspaper.
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The second part of the deal is reportedly to
be calculated using a specific formula based on the company’s
income and expenditure over the next two years, including credit,
tax and salary payments.
However, the agreement is said to stipulate
the second payment cannot be less than $100.
It has also been reported that the agreement
specifies the buyer and seller will make eight loans to the leasing
company in order to refinance its obligations to Parex
Bank.
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