Parex Bank will not upgrade its subsidiary in Baku

Parex Bank will not upgrade its subsidiary in Baku
# 10 August 2009 16:26 (UTC +04:00)
Baku. Nijat Mustafayev. APA-Economics. Latvia’s Parex bank doesn’t intend to upgrade the status of its subsidiary in Baku, said Robert Anderson, vice-president and capital management officer of the bank.

He said the bank is satisfied with the current status and has no plans to upgrade it to a bank.

As at April 1, the title subsidiary in Azerbaijan - Parex Leasing & Factoring posted its leasing portfolio at $38.849 million.

The firm said its total equity rose by 32.4% to AZN 395 097 and authorized capital remained unchanged at AZN 40 770.

Parex Leasing & Factoring was registered in Azerbaijan in 2005.
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