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The owner of Azerbaijan leasing Company Parex Leasing & Factoring changed

Latvian Parex Banka sold 100% part in Parex Leasing & Factoring, an Azerbaijan leasing company, established in march 2005, to holland company SWITLAR Investments. The deal has taken place on Thursday.

“It was a last phraze in negotiations. Today a complete transfer of property rights and other legal documents to the new owner of the leasing company was formalized” – general director of the leasing company Igor Osypenko on Thursday after ceremony of the transaction’s registration informed Trend.

He said that the cost of the contract is 3.4 million dollars.

“There’s no need to re-branding of the company in the foreseable future. We settled about it with our former owners. The management of the comp[any will not be changed yet”, -  said Osypenko.

In accordance to his words, the company had not activity from 2008

“There wasn’t activity, related with the main work forcus of the company, new leasing agreements were not closed, only briefcase of the company worked” – said Osypenko.

In accordance to his words, the company will renew its activity upon its new owners’ request in the near future.

“In near future we’ll analyze the situation with out new owner, will examine finance possibilities of the company and define character of future actions”, said Osypenko.

Sale of the leasing company is related to division of actives of Latvian Bank, and in result two banks occured – Parex Bank and new Citadele Bank. Citadele Bank JSC is a credit institution, created in frames of restructurization of Parex bank, and its establisher – is a state JSC Privatizācijas aģentūra, where all good actives and customers of Parex Bank are moved.

25% of stock of Citadele Bank, established during the process of restructurization of Parex Bank, are belong to European Bank of Reconstruction and development (EBRD). Part of the funds, invested into the bank by the government, left in the old Parex Bank, and 230 millions lats went to the new bank.

The authorized capital of Azerbaijan company Parex Leasing & Factoring is paid for 50 000 USD