Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Monday, 21.09.2020, 14:39

Reverta shareholders to decide in late May on terminating company’s operations

BC, Riga, 28.04.2017.Print version
Shareholders of Reverta (formerly Parex Bank) distressed asset manager will meet on May 29 to decide on a termination of the company’s operations, Reverta said in a statement to Nasdaq Riga.

At their annual general meeting Reverta shareholders also plan to approve the company’s 2016 report, hear a report of the company’s audit committee for the year 2016, elect an auditor for 2017, decide on amendments to Reverta’s articles of association, approve the audit committee’s regulations, as well as elect a new audit committee.

As reported, under the Restructuring Plan for Parex Banka approved by the European Commission, Reverta's operations have to be discontinued by the end of 2017.

In 2010, the bailed-out Parex Bank was split into a good bank and a bad bank. The good bank was called the Citadele Bank and successfully continued the banking business, but the bad bank, left with the distressed assets of Parex Bank and later named Reverta, ceased to provide commercial banking services and instead focused on restructuring of loans, recovery of debts and management of repossessed real estate in order to recover the money invested by the Latvian government in the Parex Bank bail-out.

    Search site