LATVIAN PAREX BANK, is located in Salén Huset at Norrlandsgatan in central Stockholm. Six years ago, the bank started researching the Swedish market and in 2006 they opened a branch office. A year later, they added an office in Malmö and last week, the opening of an office in Gothenburg.
From the opening ceremony of the office in Gothenburg. Anders Langhard, Manager of Gothenburg Sub-Branch, Parex Bank, Peteris Pildegovics, Vice President, Parex Bank, Elita Kuzma, Ambassador of Latvia in Sweden and Evita Kezbere, Managing Director, Parex Bank Sweden Branch. (from the left)
AT PRESENT, Parex Bank is primarily addressing private individuals in Sweden. As business is growing, the objective is to reach more corporate clients. In Latvia, Parex Bank is one of the biggest, says Peteris Pildegovics, Vice President of Parex Bank.
- Among the top five banks in Latvia, we are the only Latvian bank, he says.
SETTING UP BUSINESS in Sweden is not the only foreign venture. The bank is already represented through branches, representative offices and subsidiaries in 15 countries. Have they experienced any differences in setting up business in Sweden compared to other foreign markets?
- If you compare with Germany, for example, we experienced that Swedes are more conservative and cautious when choosing banks. They don’t want to try new things but prefer to stick to old habits. In general, Swedes have been a little harder to convince but at the same time, made us more motivated, says Peteris Pildegovics.
BOTH PETERIS PILDEGOVICS and Evita Kezbere, Managing Director at Parex Bank Sweden, consider the mature market being the biggest obstacle in getting established in the Swedish bank market.
- Everything is settled and as an outsider it is hard to get in. Many Swedes are not open to new alternatives. However, Latvia is a young nation and subsequently it is easier to get established as a new company, says Evita Kezbere.
WITH THE SWEDISH EXPANSION, Parex Bank’s intention is not to compete with Swedish banks but act as an alternative.
- We want to offer something better. One of our strengths is high interest rates on savings products. We also care very much for the personal service. We believe it is very important for our customers to be able to visit the bank for personal assistance, not just telephone or Internet assistance, says Evita Kezbere.
Emelie Ring