Latvia and the European Bank for Reconstruction and Development (EBRD) on Thursday signed a contract for the sale of the Bank 25% 1 share Parex banka, chairman of the board of Parex banka Neil Melngaylis (Nils Melngailis) journalists.
According to him, in the harmonization of the document in the European Commission, as were several modifications. Amendments made to ensure that the terms of the transaction are consistent with the European Commission allowed the size of support of the Bank of Latvia, and to ensure completion of the transaction in two stages.
N. Melngaylis noted that the sale of 25% 1 share Parex banka does not limit the ability of the State of Latvia on the rest of the sale of its shares.
The question, rather, is whether the Bank will sell its shares, too, the same buyer or deal with a possible buyer, which will remain a shareholder of the private bank, as it often does in other transactions, - said N. Melngaylis, adding that the terms of the contract is quite flexible and if the Republic of Latvia will have the opportunity to sell Parex banka quickly on favorable terms, it's likely it will be able to do so.
Treaty signed: N. Melngaylis, Minister of Finance of Latvia Einar Repshe, members of the privatization agency Pietkevich Michael and Juris Vaskans and director of the Central European and Western Balkan Business Group EBRD Peter Rayniger.
As previously reported, the Bank will pay for the stake 84.66 million euro.
Parex - the second largest asset bank in Latvia. In mid-October 2008, began the outflow of deposits from Parex, after which he appealed to the Latvian authorities for help in coping with financial problems. Government 5 December, 2008 signed an agreement with major shareholders of the bank Valery Kargin and Viktor Krasovitsky on the transfer of 84.83% stake in the State.
decision to purchase shares of the Bank Board of Parex banka has taken 7 Apr, 2009
At the time of the contract with the EBRD, the state owned 95.3% stake in Parex banka.
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