OREANDA-NEWS. On 18 June 2008 Parex banka announced that it is increasing its presence in Germany with the opening of its third office – in the heart of Bavaria, Munich. The addition to its network means that Parex banka will now serve around 8000 clients in the key business centres of Germany – Berlin, Hamburg and Munich.

Parex banka was accepted into the German Deposit Protection Fund in January 2008, the first financial institution from the recent EU accession countries to achieve this, and since then has seen the number of clients double. Current business development trends show that the company is on the right path in terms of growth.

The opening of a sub-branch in Munich is also important from an international perspective. Mr. Valery Kargin, the co-founder and President of Parex banka, commented: “Since entering the German market our highly dedicated team of professionals has established close business relationships not only with German entrepreneurs, but also with financial institutions in this country – 20 German banks have participated in the syndicated loan transactions issued for Parex banka. Thanks to our expertise and network potential in the Baltics as well as the CIS markets we are able to provide loans, leasing and trade finance to Bavarian commercial and industrial circles. We are also planning to introduce a number of investment products offered by Parex Asset Management to the German market.”

To support this objective, Parex banka will widen its product range in Germany initially focusing on three investment funds offered by Parex Asset Management Parex Caspian Sea Equity Fund, Parex Eastern European Balanced Fund and Parex Russian Equity Fund . The Bank also plans to open additional branches in other locations in the coming year.

Our Munich office is the Bank's fifth foreign branch in Western Europe and will employ seven people. The first foreign branch of Parex banka was registered in October 2005 in Berlin, Germany, with the second branch opening in Stockholm, Sweden, in 2006. Expansion of Parex banka in Western Europe continued in 2007 with branch openings in Hamburg, Germany, and Malmц, Sweden.