abstract:Parex Banka is a Latvian bank with branches in Berlin, Stockholm and Tallinn, and representative offices in Tokyo, Moscow, Kiev, Baku and other cities. The bank employs 2,600 staff in 14 countries.
The crisis was precipitated by the near-failure of a locally owned bank, Parex, which enjoyed a lively offshore business taking deposits from Russians, some of which appear to have been lent, unwisely, to locals.