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August 20, 2009updated 12 Apr 2017 4:33pm

Parex looking to sell leasing units – reports

Latvias 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 banks cash shortage.

By Fred Crawley

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

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