10 October, 2007

  

  

Following recent media speculation, Parex banka wishes to state that there have been no changes in the shareholder structure of the Bank and that the principal shareholders will remain. Moreover, the Bank is proud to continue as an independent financial institution with local capital in the Baltic region; and will maintain its strategy of strengthening its market positions in the local market, as well as expanding its operations in Germany, Sweden, Russia and Ukraine.

 

Mr. Valery Kargin, President and Chairman of the Management Board of Parex banka, commented: "We have evaluated the current situation, studied the options for further growth put forward by KPMG and have decided that our current development strategy has served us well, so we will make no change to our ownership structure.”

 

In line with Parex banka’s strategy the principal shareholders of the Bank, Mr. Valery Kargin and Mr. Viktor Krasovitsky, have decided to increase the Bank’s shareholders equity by EUR 22 mln.

 

 

With EUR 4.2 billion in assets, Parex banka is one of the leading banks in the Baltic States, offering integrated client services, including lending, payment card services, leasing, asset management and securities brokerage. The Bank is represented in 15 countries through its wide network of representative offices, branches and subsidiaries, including a subsidiary in Switzerland, AP Anlage und Privatbank AG.

Parex banka is rated Baa3 by Moody's Investors Service, BB+ by Fitch Ratings and BBB by Capital Intelligence.

 

Indra Zinkevica

Head of International Communications Department

International Relations Division

Ph.: + 371 6 777 8571

Fax: + 371 6 777 8569

E-mail: indra.zinkevica@parex.lv