Rietumu Banka bought Parex Leasing
Rietumu Bank and Parex Bank have signed an agreement whereby a subsidiary of Parex in Belarus - Parex Leasing was sold to Rietumu Bank.The deal agreed with the Commission's financial and capital market of Latvia. Under the agreement, commercial details of the transaction were not disclosed.
"The acquisition of Parex Leasing - this is not the first and hopefully not the last step in the implementation of previously announced strategy of Rietumu Bank, which is aimed at the acquisition of quality assets that provide new perspectives for the development of our bank and the whole Rietumu group - in this case, the expansion of leasing activities in the market of Belarus", - said the president of Reitimu, Alexander Kalinowski.
Currently Rietumu is already the principal owner of the group of companies WestLeasing, which specializes in the leasing of industrial equipment, machinery and commercial vehicles in Russia, Ukraine and Belarus (where, together with Parex Leasing it is a leader of the Belarusian leasing market).
"In preparation for the transaction we have had the opportunity to familiarize themselves with all aspects of the Parex Leasing and assess quality of the leasing portfolio of the company. I am confident that the purchase of Parex Leasing will allow us to strengthen our market position by providing Belarusian companies the best opportunity to upgrade and purchase of necessary equipment”, - says the deputy head of the Office of Credit and Investment of Rietumu, Renat Lokome
Publication date: 18.05.2010
