IN NOVEMBER, A presentation appeared on Latvian bank Parex’s website entitled ‘The leading independent bank in the Baltics’. Its timing was unfortunate.
Just days later, on November 7, the bank applied for support from the government following a run in which 12% of total deposits had been withdrawn since October 1. Latvia’s government acted immediately. The following day it announced that Parex, the Baltic republic’s second-biggest bank, had been nationalized after state-owned Mortgage and Land Bank acquired 51% of its shares.
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