Parex Bank signs memorandum with Uzbek national bank

  • 2004-04-15
  • Baltic News Service
RIGA - Parex Bank last week signed a memorandum of cooperation with the National Bank of Uzbekistan that envisages mutual investments, development of small- and medium-business, and technical and consultative solutions for businessmen in both countries.

The memorandum was signed by Parex Bank President Valery Kargin and Zainutdin Mirkhodzhaev, head of the Uzbek national bank.
The National Bank of Uzbekistan is one of the largest commercial banks in the Commonwealth of Independent States. It has 100 branches in Uzbekistan and a subsidiary bank in Russia's capital Moscow, Asia Investment Bank.
The bank's profit last year amounted to more than $10 million, while its own capital is $504 million, with assets reaching some $3 billion.
The memorandum signing took place during the official visit by Uzbekistan President Islom Karimov and a delegation of Uzbek businessmen.
According to Latvia's state chancellery, Karimov told Prime Minister Indulis Emsis that Uzbekistan would like to buy Latvia's food processing and wood treatment technologies.
Karimov and Emsis also voiced mutual interest of both states in developing cooperation in the transport sphere. The two leaders also discussed the possibilities of Uzbekistan investing in Latvia, the chancellery reported.
Latvia is Uzbekistan's key partner in Northern Europe, while Uzbekistan is Latvia's key partner in Central Asia.
While meeting with President Vaira Vike-Freiberga, Karimov stated that he hoped the brief visit would give "a new impulse to strengthening trade and economic relations," adding that since 1998 trade amounts between the two countries have gained 60 percent.