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Parex Bank

Latvian Bank Account

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(http://www.parexgroup.com/en)

Parex Bank is one of the first commercial banks in Latvia. Founded in 1992, it had become the largest independent financial institution in the Baltic States having great impact on the Latvian financial system. The record of bank's activities in 2008, just before takeover of the bank by the state, showed the leading positions of Parex in large part of segments.

At the end of September 2008, Parex was the second-largest bank in Latvia in terms of assets, which constituted 13.8% of total assets of the banking sector of the country. In the segment of non-resident deposits, Parex was a leading bank accounting for 26.2% of total non-resident deposits placed in Latvia. Also, at the end of September 2008 Parex bank had attracted 13.6% of total Latvian resident deposits, including 14.5% of total private individual deposits and 11.8% of corporate deposits.

By October 2008, Parex market share in the corporate lending constituted 7.4%, and 8.8% in retail lending.

In the overall payment system of the Bank of Latvia Parex ranked the third in terms of the opened client accounts and issued payment cards in first half of 2008. Also, in this period Parex was the fourth largest bank by the number of credit transfer transactions (16.5 billion lats) and the second-largest bank in terms of volumes of payments made by cards (167.7 million lats).

In the interbank automated payment system of the Bank of Latvia Parex ranked the fourth in terms of the number of performed transactions and the fifth — by transaction volumes. In the electronic clearing system, Parex was the second in terms of the number of payments in lats and the third in terms of volume.

Rapid deterioration of Parex financial results and deepening of its problems that required the assistance and support of the Latvian State, can be seen from the fact that in the period from 16 October 2008 and 23 October 2008, Parex transactions in the Latvian money market constituted just 2% of total turnover of local interbank money market, while in September 2008 Parex share in the turnover of local currency market was 23%.