New Parex plan approved

  • 2010-03-24
  • Oskars Magone

RIGA - The Latvian government has officially endorsed a new restructuring plan for Parex Bank.

The government bought the bank for the symbolic price of 2 lats from its previous owners in the midst of the financial crisis. Under the plan, more than half of Parex's assets and loan portfolio will go to a new bank.

The Latvian Privatization Agency currently holds 76.6 percent stake in "Parex banka", and EBRD has 19.7 percent.