Parex sale rumored

  • 2007-07-31
  • By Mike Collier
RIGA - Rumors are rife in the financial sector that Latvia's third-largest bank, Parex, could be bought by Russian financial giant Alfa Bank.Responding to the rumors in the Dienas Bizness newspaper, Parex spokesperson Julia Kondratovich said "[This] is gossip which we will not confirm," before taltalisingly adding: ""It is true that we are looking for a strategic investor and we have hired KPMG."Parex was founded in May 1992 as one of the first commercial banks in Latvia.At the end of 2006 Alfa boasted total assets of $15.2 billion and net profit after tax equalled $190.3 millio...
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