Banks, Brands, Financial Services, Latvia, Markets and Companies

As reported, due to the restructuring of Parex banka and the establishment of the new joint-stock Citadele banka, the name of "Parex Plaza" theater has been changed into "Kino Citadele".

"Parex Plaza" – the name of the Forum Cinemas Ltd. film distribution and demonstration company's theater – has been known by its previous name since 2008. The contract signed between Parex banka and Forum Cinemas provides that the theater holds the name of the bank for five years – until the end of October 2013. The contract on naming the theater was signed just before the Parex Bank was taken over by the state.

The change of the "Parex Plaza's" name is included in the new bank's brand development costs. In three years, the total cost of Parex banka brand replacement into Citadele banka will reach EUR 503,000 (LVL 353,508). It is planned that the brand will be completely replaced in one year, writes LETA.

Forum Cinemas Ltd. is the biggest film distributor and demonstrator in Latvia, representing six film distribution companies – 20th Century Fox International, Sony Pictures Releasing International, Warner Bros. Pictures International, Universal Pictures International, Paramount Pictures International and Walt Disney Studios Motion Pictures. Forum Cinemas Ltd. is also an operator of the multi-hall movie theater "Parex Plaza".

LETA also reported, due to heavy financial problems, the government took over the capital shares in Parex banka on December 5, 2008.

The government nationalized Latvia's second-largest bank to avoid a wider financial sector meltdown, but the move forced the country to seek a 7.5 billion euros rescue package arranged by the International Monetary Fund.

In order to save the bank, the government deposited huge financial resources into the bank – over LVL 800 million.

The division of Parex banka was completed at the end of July, and the new bank Citadele banka has officially begun its activity, taking over the old bank's "good" assets.