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Reverta
Reverta is a defunct professional-distressed asset management company headquartered in Latvia. History Parex Banka was founded in 1992 by Valery Kargin and Viktor Krasovickis as one of the early privately held banks of the post-Soviet era. It initially observed conservative lending practices, allowing it to weather a 1995 Latvian banking crisis and the 1998 Russian financial crisis which brought down Riga Commercial Bank. Emboldened by this initial success, it began to pursue an aggressive expansion into neighboring countries. In 2003, Parex Bank commissioned the building of a new 150,000-m2 headquarters in Riga. In 2005, it launched the first American Express cards in Latvia. The bank opened Subsidiary, subsidiaries in Switzerland and Lithuania, operating successfully until the 2008 financial crisis. Much of its lending was within the Baltic states and the bank was heavily exposed to the Baltic states housing bubble, real estate bubble which followed Latvia, Lithuania and Eston ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parex Banka
Parex Bank was a Latvian bank founded in 1992 by Valērijs Kargins and as a privately owned full-service banking company in Riga, Latvia that was very dominant in currency exchange in the 1990s. It had local and international clients in both the West and Russia with close ties to the Tambovskaya Gang, Tambovskaya Russian mafia in St Petersburg and Vladimir Putin. As the second largest bank in Latvia in 2008, its failure and state takeover was one of the major events of the 2008 Latvian financial crisis. On 1 August 2010, Parex Banka was split into a new bank Citadele Banka and Reverta, an asset recovery company. Citadele was then sold to a group of United States investors while Reverta sued the founders Kargins and Krasovickis for €88 million due to 14 highly irregular loans and deposits between 1995 and 2008. History On 5 August 1986, under the Riga's City Committee of the Komsomol, Gints Marga created ''Parex'', which is a portmanteau of ''export parity,'' as a sel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |