Latvia’s liquidity-starved Parex Bank is strongly considering
the sale of its CIS and Russian leasing units, it was reported this
week.
With the bank planning a return to market by the start of
December this year, it has been holding talks with equity funds
from Europe and the Middle East in the hope of selling off
subsidiaries.
The European Bank for Reconstruction and Development (EBRD) has
already purchased a 25 percent stake in Parex for €73.1 million,
but this has not solved the bank’s cash shortage.
Since Parex Bank aims to remain active in the Baltic region, it
is thought that it will not sell its Lithuanian leasing operations,
however.
Fred Crawley
