Quadrant, a leading supplier of enterprise risk and compliance solutions, announces that Parex Bank (Latvia) has successfully implemented its SAB2 solution to enable consolidated capital adequacy reporting to the Latvian regulator.
Under the agreement, Quadrant extends its SAB2 Basel II and Capital Adequacy reporting solution recently implemented for AB Parex Bankas (Lithuania) to the parent company, Parex Banka, based in Latvia (Riga). The extension provides for reporting on Parex Group's Capital position to the Latvian regulator in accordance with the regulator's specific reporting requirements.
Paul Lockyear, CEO Quadrant, said, "Following the successful implementation of SAB2 for regulatory capital reporting at AB Parex Bankas (Lithuania), I am delighted that the parent bank chose to use SAB2 for its consolidated reporting to the Latvian regulator. I believe this reflects the excellence of our solution, our detailed domain knowledge and our focus on customer service."
Aldis Paegle, Head of Financial Reporting Department at Parex Banka, said, "We are happy that Quadrant's consultancy and solution based approach allowed us to implement the solution and produce our regulatory reports in less than 3 weeks."