OREANDA-NEWS. May 14, 2010. Rietumu and Parex Bank have reached an agreement, which resulted in Parex Leasing – subsidiary based in Belarus – becoming a 100 per cent Rietumu Group owned company, reported the press-centre of Rietumu.

The Financial and Capital Market Commission of the Republic of Latvia has approved the transaction. In line with the agreement, transaction details are not disclosed.

“The acquisition of Parex Leasing, which is a part of our long-term strategy pursuing the expansion of Rietumu business activities, regional diversification and investing in lucrative assets, will open up new horizons for further dynamic growth of the Bank and Rietumu Group and boost our leasing activity in Belarus,” said CEO and president of Rietumu Alexander Kalinovski.

Rietumu already owns a majority stake in WestLeasing Group – one of the leading companies operating in Belarus, Russia and the Ukraine and offering equipment and transport leasing services in these countries. Both WestLeasing Group and Parex Leasing are the leaders on the local market.

The Deputy Head of Rietumu’s Credit and Investment Department Renat Lokomet noted: “In the deal process, we carried out a due diligence to evaluate the leasing portfolio of Parex Leasing. We are confident that the acquisition of Parex Leasing will give us the opportunity to strengthen out position in Belarus by providing excellent commercial and industrial transport leasing services to local businesses.”