Latvian Ministry: Ministry of Finance - Government informed about models for bank's restructuring
( March 17, 2010, 13:00 GMT | Official Statement) -- Extract: According to the Latvian Ministry of Finance, the Cabinet of Ministers reviewed various models for the restructuring of the Parex banka on Tuesday, March 16. The government received a report from the Latvian Privatisation Agency (PA) on work that is being done to ensure a split of assets and the creation of a new enterprise (new bank) in a way that will be in line with the bank's future business profile.According to the Latvian Ministry of Finance, the Cabinet of Ministers reviewed various models for the restructuring of the Parex banka on Tuesday, March 16. The government received a report from the Latvian Privatisation Agency (PA) on work that is being done to ensure a split of assets and the creation of a new enterprise (new bank) in a way that will be in line with the bank's future business profile. This model is recommended by government's international financial consultant, Nomura International plc, in correspondence to European Commission guidelines. The PA added that the restructuring model is being studied in depth, emphasising the fact that the splitting up of the bank will in no way affect the bank's clients and their relationship with the bank....
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