OREANDA-NEWS. October 28, 2009. Parex banka informs that it has cancelled the deal with Latvijas Krajbanka on the sale of shares in AP Anlage & Privatbank AG bank in Switzerland, due to the failure of Latvijas Krajbanka to fulfil a series of relevant obligations, reported the press-centre of Parex banka.

The agreement on the sale of the bank was concluded on April 24, 2008 and extended twice – until July 24, 2009, and then until October 24, 2009.

AP Anlage und Privatbank AG holds a strategically important position in the management of private capital of the Group, and the new circumstances will allow Parex banka a more focused development of this business segment. Thus, the attraction of investors to the Swiss bank will now be a part of Parex banka’s development strategy, which is aimed at returning to private sector and repaying the state’s funds in the shortest possible time.

Parex banka has representations, branches and subsidiaries in 13 countries, including Germany, Sweden, Estonia, Switzerland, Lithuania, Russia, and several CIS countries.