OREANDA-NEWS  On 04 March Latvian Government announced that it selected Nomura International plc, the global investment bank, as strategic advisor for the sale of its stake in Parex banka.

Nils Melngailis Chairman of Parex banka commented: “The selection of the advisor in the sale of State’s interest in Parex banka is very important; therefore, we are pleased that such a professional and experienced investment bank has been appointed. This marks a significant stage in Parex banka’s further development.”

The Latvian Government announced its intention to sell its interest in Parex banka in December 2008. During the selection process, a number of investment banks expressed their interest and commitment to advise on this transaction.

In accordance with the decision made by the Latvian Government on 24 February 2009, on 27 February 2009 changes were made in Parex banka’s register of shareholders and the Privatisation Agency has become a shareholder of 85,14% shares of Parex banka. Nomura will act as sell side financial advisor and provide advice and assistance Latvian Privatisation Agency.

Nomura has had a presence in Central and Eastern Europe since 1991 and extensive expertise of M&A activity in the region. Its understanding of the Baltic banking sector and dynamics of the local market will be central to the successful execution of this transaction.