History Milestones

2008		In December Mortgage and Land Bank of Latvia became the major shareholder of Parex banka Opens a customer service centre in Gothenburg (Sweden) Opens two customer service centres in Tallinn and Tartu (Estonia) Fitch Ratings reaffirms Parex banka’s long – term rating at BB+ with a stable outlook Opens a customer service centre in Munich (Germany) PAM Russian Equity fund registered for public distribution in Germany Eurobond I settled in full Parex banka raises EUR 275 million syndicated loan from 37 financial institutions from 15 countries Moody's Investors Service approves Parex banka's long-term global local currency deposit rating Baa3 with a stable outlook The Association of German Banks accepts Parex banka into Deposit Protection Fund American Express extends cooperation agreement with Parex banka
2007		Receives syndicated loan of EUR 500 million from 36 banks from 16 countries. Rating agencies Moody’s and Capital Intelligence upgrades Parex banka’s ratings to Baa3 and BBB respectively. Receives syndicated loan of EUR 385 million from 49 banks from 17 countries. Operates 68 branches throughout Latvia and is represented in 15 countries.
2006		Opens a branch in Stockholm, Sweden. Receives syndicated loan of EUR 310 million from 34 banks from 18 countries. PAM Office in Moscow opened to offer rouble-denominated funds to both Russian and international clients. Receives syndicated loan of EUR 200 million from 32 banks from 12 countries. PAM Parex Eastern European Balanced fund registered for distribution in Sweden. Issues EUR 200 million 5-year Eurobond. Sells it’s subsidiary Parex Insurance Company to Norwegian insurance company Gjensidige Forsikring. Awarded "Best Bank in Latvia" by Global Finance Magazine; "Bank of the Year" by The Banker Magazine; “Best Debt House” by Euromoney.
2005		Opens a branch in Berlin, Germany. Awarded "Best Bank" in Latvia by Euromoney Magazine. Receives the largest syndicated loan in Latvia of EUR 188.5 million from 34 banks from 16 countries. Issues 100 million 3-year Eurobond. Opens several leasing companies in Russia, Ukraine, Belarus and Azerbaijan. Awarded "Latvia's Best Foreign Exchange Bank" and "Best Bank in Latvia" by Global Finance Magazine. Becomes the exclusive issuer of American Express® Credit Cards in Latvia. Receives EUR 69.5 million syndicated loan from 18 banks from 8 countries.
2004		Parex banka opens a branch in Estonia. Parex banka acquired 100% of the shares of AP Anlage und Privatbank in Switzerland. Received EUR 117 million syndicated loan from 25 banks from 15 countries. Awarded “Bank of the Year” in Latvia by The Banker Magazine and “Best Debt House in Latvia” by Euromoney Magazine.
2003		Parex Credit is opened in Estonia. Representative office in Stockholm, Sweden is opened. Representative office in Tokyo, Japan is opened. Awarded “Best Bank” in Latvia by Global Finance and Euromoney Magazines.
2002		Parex Asset Management launched operations. Received EUR 55 million syndicated loan from 16 banks from 7 countries. Awarded “Best Emerging Market Bank” in Latvia by Global Finance Magazine. Awarded all 3 Euromoney Awards for Excellence for Latvia: Best Bank Best Debt House Best M&A House Awarded “Bank of the Year” in Latvia by The Banker Magazine. Representation subsidiary opened in London, UK.
2001		Received a € 35 MM syndicated loan from 12 European banks from 7 countries. Fitch affirmed the Bank’s long term debt rating of BB+. Representative office in Tallinn, Estonia opened. Moody’s Investors Service upgraded the long-term deposit rating for Parex banka to Ba1. Co-Lead Manager for EUR 200 million Eurobond for the Republic of Latvia. Record profit in Latvia of LVL11,752 million ($ 18,4 mln).
2000		Received a $23 MM syndicated loan from major German, Czech, and Polish banks among others. Posted record profits of LVL 10 million. Awarded “Best Domestic Bank” and “Best Domestic Securities House” by Euromoney Magazine The acquisition of Industrijos Bankas (renamed Parex Bankas) was completed.
1999		Emphasis placed on participating in the international financial community. Baltic Polis, Lithuania, was acquired by Parex Insurance Company.
1998		Formally recognized by German Bundesbank, receiving a Representative Office status in Frankfurt. Receives a $20 MM syndicated loan from seven major western banks. The only large Latvian bank to post profits at year end 1998. Parex Pension Fund was established. Parex Broker System was established
1995		Survived the banking crisis and climbed to the top of the sector, achieving by far the best results among Latvian banks.
1994		Parex Insurance Company was established.
1993		Acquired first two branches from the Bank of Latvia.
1992		Registered on May 14, 1992 as one of the first commercial banks in Latvia.