Parex Sverige – branch of new Latvian bank affiliated to the Swedish deposit insurance scheme

Okategoriserad / Uncategorized 15 September 2010

Parex Bank has been split into two banks by the establishment of a new Latvian bank, Citadele Banka. Citadele Banka has registered a branch in Sweden under the name Parex Sweden.

The original AS Parex Banka already has a branch  in Sweden, AS Parex Banka, Lettland filial. Both branches are now affiliated to the Swedish deposit insurance scheme. This means that the Swedish deposit insurance scheme would cover any shortfall in the event of a compensation case where the maximum amount indemnifiable in the bank’s home country was less than the maximum Swedish limit. 

The maximum amount indemnifiable under the deposit insurance scheme in Sweden is 500 000 Swedish kronor; the corresponding figure in Latvia is EUR 50,000. The Swedish insurance would thus cover the difference if EUR 50,000 should be worth less than SEK 500,000 on the date of bankruptcy.