Reverta
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Industry | Parex Banka (founded 1992, nationalised 2008, split 2010) |
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Founded | Latvia (2012) |
Headquarters | , |
Key people | Solvita Deglava CEO, Chairperson of the Board |
Products | Financial services, debt restructuring, real estate investing |
−125,665 Euro (2023) | |
Total assets | 1,648,407 Euro (2023) |
Number of employees | 2,600 |
Website | Reverta |
Reverta is a professional-distressed asset management company headquartered in Latvia. With branches in Berlin, Stockholm, Tallinn and representative offices in Tokyo, Moscow, Kyiv, Baku and other cities, the company employs 2,600 staff in 14 countries.
History
Much of its lending was within the Baltic states and the bank was heavily exposed to the real estate bubble which followed Latvia, Lithuania and Estonia becoming full European Union members in 2004. Events leading to the September 15, 2008, failure of US bank Lehman Brothers led to a sharp drop in liquidity, causing international investors to withdraw assets.
Parex Bank was nationalised on November 8, 2008. The Latvian state bought 51% of the bank's stocks from the founders for a symbolic 2 Lats. In addition, 34% of the stocks were transferred to the state-owned Mortgage and Land Bank as a security.[1]
On August 1, 2010, Parex was split into good and
Within days of the split, Parex sued both of its founders, accusing them of conflict of interest in their dealings with the bank.[2] In August 2010 it was announced that Chris Gwilliam would replace Nils Melngailis as chairman of the board and CEO.[3]
Parex continued to manage troubled and bad assets, but no longer functioned as a deposit-taking bank. The Parex banking licence was abandoned on March 15, 2012; the company became distressed asset management firm Reverta on May 8, 2012. Ms. Solvita Deglava, is (as of 2014) CEO and chairperson of the board.
Reverta defines itself as specialising in loan restructuring, legal recovery and real estate management with expertise in corporate finance, asset management, legal and security.[citation needed]
References
External links
- Official website
- Parex banka and American Express launch the first American Express cards in Latvia - American Express press release
- Parex Banka's new domicile in Riga, Latvia - Architect's press release