Latvijas Krājbanka and Parex banka have agreed to prolong agreement on the purchase deal of AP Anlage und Privatbank AG until 24 October 2009.   

Currently, Parex banka’s management is working on the development of the Swiss bank’s strategy within the framework of the proposed private capital management service development and in line with Parex banka’s restructuring plan approved by the Latvian government.

Parex banka purchased AP Anlage und Privatbank AG in March 2004. Over the past four years Parex banka has increased the assets of AP Anlage und Privatbank AG from CHF 29.6 million to CHF 178.1 million, as well as achieved profitability of the business. In 2008, the income of AP Anlage und Privatbank AG amounted to LVL 305 thousand, but the 1H2009 financial results show that the Swiss bank’s income stands at LVL 62 thousand (CHF 136 thousand).

As reported earlier, on 24 April 2008, Latvijas Krājbanka signed an agreement with Parex banka to purchase 100% of the shares in stock company AP Anlage und Privatbank AG. The deal was extended to 24 July 2009. The Bank AP Anlage und Privatbank AG (state registration number CH-130.0.007.738-0 and address at Kantonsstrasse 1, Freienbach 8807, Switzerland) is registered in Switzerland and is primarily focused in the retail sector, asset management and investment consulting business.

Founded in 1992, Parex banka offers universal banking services throughout the Baltic region, the CIS and other European nations such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Parex banka is the only partner of American Express in Latvia and Lithuania, allowed to issue American Express credit cards. Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 95,3% of the Bank’s shares.

Inga Saleniece

Corporate Communications and PR

Parex banka

Ph: 6777 8870 vai 2 6564629

E-mail: pr@parex.lv