OREANDA-NEWS. On August 24, 2007 Parex banka announced the opening of its second branch in Sweden, the fourth foreign branch of the Bank in Western Europe, reported the press-centre of Parex banka.

The first foreign branch of Parex banka was registered in October 2005 in Berlin, Germany, with the second branch opening in Stockholm, the capital city of Sweden, in 2006. The newly opened branch of Parex banka is located in the center of Malmo, Sweden's third largest city. Parex banka is the first bank from the Accession countries of the European Union to open branches in Western Europe.

Gatis Kokins, Vice President of Parex banka commented: “Our financial performance in Sweden highlights the interest being shown in the services offered by Parex banka, particularly in deposits. We have participated in numerous exhibitions in Swedish towns and Malmo's citizens appeared to be the most active users of Parex services and products outside Stockholm. Moreover, Malmo is located close to Copenhagen, which will serve as a good basis for attracting customers from Denmark.”

By August 2007 Parex banka has attracted deposits amounting to EUR 30 mln. in Sweden, which is 4.5 times more than 7 months ago. Currently, the Bank services 2.200 clients in Stockholm. After opening of the Malmo branch, Parex banka expects to double the volume of the raised funds, as well as to significantly increase the number of clients by the end of the year.

Malmo branch of Parex banka will initially employ 3 people. The Bank also plans to register a branch in Geteborg, the second largest city in Sweden, as well opening a second customer service center in Stockholm.