OREANDA-NEWS. September 03, 2008. Parex banka keeps strengthening its positions in various market segments, one of them being the attraction of term deposits, where the bank has constantly enjoyed the top spot in Latvia. Over the last six months Parex banka's market share of term deposits has increased from 17,9% (as on 31.12.2007) to 18,8% (as on 30.06.2008), reported the press-centre of Parex banka.

The consolidation of Parex banka's market position is a result of the increase of the number and sums of term deposits banked by private individuals. Term deposits of private individuals account for 38,7% of the total deposit portfolio of Parex banka. In six months the overall volume of term deposits in LVL has increased by 14%, while deposits in EUR have grown by 25%.

Parex banka is persistently working on elaboration and implementation of perspective novelty products, and one of them – Maxi account, a unique savings product on the Latvian deposit market – has been chosen by tens of thousands of Parex banka's clients in the first half-year and is proven to be the most popular savings product among the residents of Latvia.

Similar positive dynamics could also be observed in the second half-year in 2007. The deposit share placed on Maxi account takes up considerable 10% of the deposit portfolio of private individuals, which, expressed in absolute figures, account for several tens of millions of LVL.

In comparison to its closest competitors in the banking sector of Latvia, Parex banka offers its clients higher interest rates, which are a subject of a regular review, thus, allowing to maintain them at an attractive level.

At present, the potential depositors can turn the world liquidity crunch and its influence on the market to their advantage and make a one-year deposit at an interest rate of 5,5% in EUR and 4% in USD, which is above the base rate of 4,25% in Eurozone and 2% in USA.