OREANDA-NEWS. November 02, 2009. In the first nine months of 2009, the unaudited profit of Parex banka’s Swiss subsidiary AP Anlage & Privatbank AG was CHF 400,000 (LVL 183,000), while the number of customers has increased by 11% during this period, reported the press-centre of Parex banka.

Deputy managing director of the bank, Valerijs Hudorozkovs: “These positive financial indicators are a great achievement at a time when the banking sector is undergoing a crisis. The bank’s growth has mostly been ensured by effective investment policies. We will continue to strengthen the bank’s business model by introducing new products that will allow clients to receive even more sophisticated financial solutions. Further growth on the basis of client loyalty, diversification of services and a high level of customer services – all of these are our medium-term goals.”

Along with private banking services, Anlage & Privatbank AG offers high-level management of private capital ensuring an individualised and flexible approach to each customer, as well as provides services in the fields of fixed income and investments in real estate in Central and Eastern Europe.

As has been reported before, the decision to cancel a deal with Latvijas Krajbanka on the sale of shares in AP Anlage & Privatbank AG was taken due to the failure of Latvijas Krajbanka to fulfil a series of relevant obligations. In accordance with the agreement, Parex banka has already repaid part of the EUR 3 million purchase sum paid by Latvijas Krajbanka.

The agreement on the purchase of the bank was concluded on April 24, 2008, and extended twice – until July 24 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 acquired AP Anlage & Privatbank AG in 2004, thus becoming the first bank among the new European Union member states to offer banking services in Switzerland. Over the course of five years, the bank’s assets have increased from CHF 12.2 million to CHF 178.1 million and the Swiss subsidiary demonstrates stable and sound profitability of the business ending each year with a profit.