JSC "Privatisation agency" (PA) was established on April 22, 1994, to manage privatisation of state-owned property and land. The PA is owned by the Republic of Latvia represented by the Ministry of Economy as 100% shareholder.

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In early 2008 the Latvian financial supervisory authorities noted that Parex Banka required substantial state aid to secure its viability, and on November 8 the Cabinet of Ministers decided on a take-over of Parex Banka by the Latvian State through Latvijas Hipotēku un zemes banka.

 

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 In order to start implementing restructuring plan of Parex Banka, on June 1, 2010 the Cabinet of Ministers of Republic of Latvia (CM) assigned the PA to establish a credit institution with initial share capital of 4 million lats. On June 29, 2010 the Finance and Capital Market Commission (FCMC) decided to issue a banking licence to Citadele Bank, and on June 30 the bank was registered in the Commercial Register. According to the restructuring plan Citadele Bank is newly established bank whose sole shareholder initially is the PA and which will take over substantial part of Parex Banka’s assets and liabilities upon splitting of Parex Banka. The remaining part of Parex Banka will perform limited scope of financial operations, mainly focusing on long-term return of funds.

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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 procedure. Having assessed its potential influence on the Latvian banking sector and the national economy in general, on November 8, 2008 the Cabinet of Ministers passed the resolution to purchase the controlling interest in Parex Banka. The State represented by the Privatisation Agency became the largest shareholder of Parex Banka. Later the European Bank for Reconstruction and Development (EBRD) bought part of Parex Banka shares.

 

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