With branches in Berlin, Stockholm, Tallinn and representative offices in Tokyo, Moscow, Kyiv, Baku and other cities, the company employs 2,600 staff in 14 countries.

Parex Banka was founded in 1992 by Valery Kargin and Viktor Krasovickis as one of the early privately held banks of the post-Soviet era.

Much of its lending was within the Baltic states and the bank was heavily exposed to the real estate bubble which followed Latvia, Lithuania and Estonia becoming full European Union members in 2004.

Events leading to the September 15, 2008, failure of US bank Lehman Brothers led to a sharp drop in liquidity, causing international investors to withdraw assets.

The Parex banking licence was abandoned on March 15, 2012; the company became distressed asset management firm Reverta on May 8, 2012.