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PRX: Parex banka reduces administrative costs by 41%,

Spekuliantai.lt | 2009-12-09 | NASDAQ OMX biržų naujienos | perskaitė: 979
PRX: Parex banka reduces administrative costs by 41%,

Parex banka Company Announcement 09.12.2009

Parex banka reduces administrative costs by 41%,

During the first ten months of 2009, Parex banka has reduced administrative
expenditures by 34%, while monthly expenditures in October were 41% lower than
in the same month in the previous year. The bank's losses have reached LVL 84
million, largely due to the established loan provisions. Net interest revenue
has dropped by more than 70% this year, and the bank will continue to cut
administrative costs not just in 2009, when the overall reduction in such costs
is expected to be 40%, but also in 2010, when the bank will continue its
optimisation process. Additionally, the bank will seek alternative sources of
revenue.

Optimisation and a review of functions in the bank have led to a decline in
staff numbers by some 800 employees, also entailing a reduction in the overall
wage fund of the bank.

In 2009 Parex banka has paid more than LVL 38 million in interest to the State
Treasury on its deposits at the bank (the remaining sum is LVL 622 million as
of October 30).

About Parex banka:
Founded in 1992, Parex banka currently employs some 1 900 people at branches
all over Latvia and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany, Switzerland and
Sweden. Parex Group companies operate across the banking, finance, leasing,
asset management and life insurance sectors. Currently, the Latvian
Privatisation Agency is the majority shareholder of Parex banka, holding 73.4%
of the Bank's shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development. Parex banka has signed up to the European Code
of Conduct on housing loans.


For more information:
Inga Saleniece, acting director
Corporate Communications Department
Telephone: +371 67778870 or +371 26564629
E-mail: [email protected]

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