Published: March 3, 2009
The Latvian government has announced that it has selected Nomura International, the global investment bank, as strategic advisor for the sale of its stake in Parex banka.
Nils Melngailis, chairman of Parex banka, comments: “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 had 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, 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 to the 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.