Losses of Parex Banka Totaled USD248 Million
Losses of Parex Banka (Riga, Latvia) totaled LVL124 million (USD248 million) in 2008. In the end of 2008 Latvian government decided to acquire 84.83% shares of the Bank to save it from bankruptcy. The State undertook to guarantee Parex Banka’s syndicated credits.
Currently the Bank’s situation is stable. Income of Parex Banka amounted to LVL40 million (about USD80 million) on January, 2009.