Parex Bank
Parex Bank was a Latvian commercial bank established in 1992 that grew to be one of the largest financial institutions in the Baltic region before undergoing a state-led restructuring in 2008. Following the intervention, its viable assets were transferred to Citadele Bank, while the remaining entity was renamed Reverta and focused on asset recovery and liquidation.
Brand Identity Data
HQ Country
Latvia
HQ City
Riga
Founded
1992
EU Headquartered
Yes
EU Manufactured
No
Ownership Type
state-owned
Stock Exchange
Private
Tax Domicile
LV
Ultimate Parent
Privatizācijas aģentūra
B Corp Certified
No
Repair / Recycling
No
Ethical Certifications
None verified
Verified on October 15, 2026
Corporate Lineage
1992
Establishment
Parex Bank was founded in Riga, Latvia.
2008
State Bailout
The Latvian government took over the bank following a liquidity crisis.
2010
Restructuring
Viable assets were transferred to the newly created Citadele Bank.
2012
Renaming
The remaining entity was renamed Reverta to focus on legacy asset management and liquidation.
2017
Liquidation
The liquidation process for the remaining entity was officially initiated.