PRESS RELEASE
22 March 2010

Parex banka allowed to extend credit limits to loyal corporate customers by LVL 10 million

Parex banka has received an approval from the International Monetary Fund and the Financial and Capital Markets Commission to increase credit limits to its most loyal corporate customers, thus facilitating their development potential in the economically challenging environment. The provision is effective as of 22 March 2010, and the bank will divert up to LVL 10 million for this purpose.

The increased credit limit will be available to those corporations, which have been Parex banka’s customers for at least five years. The increase will be equal to up to 20% of the customer’s existing liabilities, provided that the customer’s funding requirements are reasoned, with sufficient cash flow and collateral.

Head of Corporate Services Sector Agnese Paegle: “This decision will allow us to strengthen relations with the strategically most important customers of bank’s corporate sector by issuing loans which the enterprises need to pursue further development. As we all know, the current lack of lending resources is one of the most fundamental obstacles hindering the economic recovery of Latvia. This will also substantially facilitate Parex banka’s competitiveness in the corporate services segment.”

Prior to increasing the credit limit, the bank will appraise the collaboration history with each particular customer, including the assessment of average monthly account balance, absence of delayed payments or breach of loan agreements, gross income of the bank from the customer or group of customers, as well as the duration of cooperation.

About Parex banka:

Founded in 1992, Parex banka currently employs some 1 900 people at branches all over Latvia and offers universal banking services throughout the Baltic region, the CIS and other European nations such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Parex banka has signed up to the European Code of Conduct on housing loans.

For more information please contact:
Inga Saleniece
Corporate Communications Department
Telephone: +371 67778870 or +371 26564629
E-mail: pr@parex.lv