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Reverta
Reverta is a professional-distressed asset management company headquartered in Latvia. With branches in Berlin, Stockholm, Tallinn and representative offices in Tokyo, Moscow, Kyiv, Baku and other cities, the company employs 2,600 staff in 14 countries. 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 a 1998 Russian financial collapse 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 subsidiaries in Switzerland and Lithuania, operating successfully until the Financial crisis of 2007–2010. Much of its lending wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parex Bank
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 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 2008–2010 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 self support ... [...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 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 2008–2010 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 self support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bad Bank
A bad bank is a corporate structure which isolates illiquid and high risk assets (typically non-performing loans) held by a bank or a financial organisation, or perhaps a group of banks or financial organisations. A bank may accumulate a large portfolio of debts or other financial instruments which unexpectedly become at risk of partial or full default. A large volume of non-performing assets usually make it difficult for the bank to raise capital, for example through sales of bonds. In these circumstances, the bank may wish to segregate its good assets from its bad assets through the creation of a bad bank. The goal of the segregation is to allow investors to assess the bank's financial health with greater certainty. A bad bank might be established by one bank or financial institution as part of a strategy to deal with a difficult financial situation, or by a government or some other official institution as part of an official response to financial problems across a number of inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Express
American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average. The company's logo, adopted in 1958, is a gladiator or centurion whose image appears on the company's well-known traveler's cheques, charge cards, and credit cards. During the 1980s, Amex invested in the brokerage industry, acquiring what became, in increments, Shearson Lehman Hutton and then divesting these into what became Smith Barney Shearson (owned by Primerica) and a revived Lehman Brothers. By 2008 neither the Shearson nor the Lehman name existed. In 2016, credit cards using the American Express network accounted for 22.9% of the total dollar volume of credit card transactions in the United States. , the company had 121.7million cards in force, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1992
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Latvia
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latvian Lats
The lats (plural: ''lati'' or ''latu'' (if the number can be divided by 10), ISO 4217 currency code: LVL or 428) was the currency of Latvia from 1922 until 1940 and from 1993 until it was replaced by the euro on 1 January 2014. A two-week transition period during which the lats was in circulation alongside the euro ended on 14 January 2014. The lats is abbreviated as ''Ls'' and was subdivided into 100 ''santīmi'' (singular: ''santīms''; from French ''centime''), abbreviated as an ''s'' after the santīm amount. The Latvian lats has been recognized as one of the 99 entries of the Latvian Culture Canon. First lats, 1922–1940 The first lats (symbol: ℒ𝓈) was first introduced on 3 August 1922, replacing the Latvian ruble at a rate of ℒ𝓈 1 = Rbls 50. The lats was pegged against the gold standard from its introduction until 1940. On 17 June 1940, Latvia was occupied by the USSR. After the dismantling of the Bank of Latvia and its replacement with the Latv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill (company), Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, Stock, equity, Bond (finance), fixed-income and Derivative (finance), derivatives sales and stock trading, trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, Lehman Brothers filed for Chapter 11, Title 11, United States Code, Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baltic States Housing Bubble
The Baltic states' housing bubble was an economic bubble involving major cities in Estonia, Latvia and Lithuania. The three Baltic countries had enjoyed a relatively strong economic growth between 2000 and 2006, and the real estate sectors had performed well since 2000. In fact, in between 2005Q1 and 2007Q1, the official house price index for Estonia, Latvia and Lithuania recorded a sharp jump of 104.6%, 134.3% and 106.7%. By comparison, the official house price index for Euro Area increased by 11.8% for a similar time period. The crisis eventually hit in 2007 due to the financial crisis of 2007-08 resulting in fragile Baltic economies. The housing price correction had begun in Estonia by mid-2007 followed by Latvia and Lithuania in mid-2008. Subsequently, Latvia and Estonia experienced recession by first half of 2008, while Lithuania had experienced a slowdown in its economy by the first half of 2008.Servaas, D.; Elena, F.; Gabriele, G.; and Alessandro, T.(July 2010)''The Tale ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
