On December 3, 2008 the Cabinet of Ministers of the Republic of Latvia made a decision (paragraph 1, minutes 87 ) for the State owned Joint-stock company  ‘’Latvijas Hipotēku un zemes banka ‘’ to sign an amendmet to the Investment agreement dated November 10, 2008 with ‘’Parex banka ‘’ and shareholders V. Kargins and V. Krasovickis to acquire 84,83 % share capital of „Parex banka”.

Based on the Government decision and the decision of the extraordinary shareholders meeting of the State owned Joint-stock company ‘’Latvijas Hipotēku un zemes banka‘’ dated December 3, 2008, the State owned Joint-stock company ‘’Latvijas Hipotēku and zemes banka ‘’ on December 3, 2008 signed an amendment to the Investment agreement with Parex banka dated November 10, 2008 to acquire 84,83 % of share capital of  Parex banka. The total price of purchase remains the same 2 (two) lats.

After fulfilment of preset conditions of the Investment agrement on December 5, 2008 the State owned Joint-stock company ‘’ Latvijas Hipotēku un zemes banka ‘’ has become an owner of 84,83 % share capital of ‘’Parex banka’’.

The Government of Latvia has instructed the State owned Joint-stock company ‘’Latvijas Hipotēku un zemes banka ‘’ to realize the share of 84,83 % of  ‘’Parex banka ‘’ in 12 (twelve) months starting from the signing of  the Investment agreement .