Latvia’s Parex banka plans branch opening in Stockholm for next spring

Parex banka, the largest bank in Latvia by assets, next spring plans to open a branch in Stockholm where the bank at present has a representation operating, said Parex banka spokesman Viktors Zakis. "This could be in March, April", he said, adding that legal issues still have to be settled. The premises for the bank's branch in Stockholm are ready and will house the representation until the branch opening. Zakis reminded that Parex banka also plans to open its branch in Germany's capital Berlin during the first half of the next year. Decisions to open branches in Sweden and Germany were made as Parex Bank finds these markets interesting. At present Parex banka has one branch in Estonian capital Tallinn. Parex banka is the only Latvian bank having opened a branch abroad. All in all Parex banka has representations and subsidiaries operating in ten countries outside Latvia, including in Baltic states, CIS, Great Britain, Germany, Sweden and Japan. Parex banka owns Parex bankas in Lithuania and Anlage&Privatbank in Switzerland. Parex banka is the largest among Latvia's 23 banks by assets. Its largest shareholders are bank heads Valerijs Kargins and Viktors Krasovickis.