OREANDA-NEWS. On March 12, 2009 Parex banka organized a public car auction within the framework of its cost optimization program. During the auction three cars were sold for the total sum of EUR 25,700, exceeding the initial price by EUR 300. Bank is planning to cut its total transport expenses by 67%, wherewith another public car auction will be organized, reported the press-centre of Parex banka.

Bank’s income from the closed and public car auctions comprises more than EUR 391,700, but the total initial price at these auctions was scaled up for more than EUR 21 thousand.

Additionally to the optimization of transport costs, Parex banka continues to implement its comprehensive cost optimization program. Hence in February 2009 compared with January 2009, the administrative costs of the Bank have been reduced by 478 thousand lats. The average monthly administrative costs have been optimized by 2,4 million lats in 2009, comparing to the average monthly costs in the last quarter of 2008.

In February 2009, the Council of Parex banka accepted the proposal of the Bank’s Management Board to optimize the total administrative costs by 35% or to achieve the economy of 28 million lats, including 30% reduction of personnel expenses, 31% economy on phone communications and 67% reduction of transport expenses. The largest savings are planned on reducing costs by 80% on consultations, researches and surveys, and by 93% on business trips.