Parex Bank

In 2010 Parex banka was reorganized. After successful completion of Parex bankas restructuring the good assets of then Parex banka were transferred to newly founded Citadele Bank. The bad assets remained in Parex banka (now Reverta). The global financial crisis of 2008 also affected Parex banka - the largest Latvian bank with national capital which was established in 1992 - and it was forced to begin insolvency procedures. Having assessed its potential influences on the Latvian banking sector and the national economy in general, on 8 November 2008 the Cabinet of Ministers passed a resolution to purchase the controlling stake in Parex banka. The State, as represented by the Privatisation Agency, became the largest shareholder in Parex banka. A portion of Parex bankas shares were later bought by the European Bank for Reconstruction and Development (EBRD). On May, 2012 Parex banka began its work as a professional distressed asset management company, under the new brand Reverta. ...