Today, on April 27 2012, the ordinary shareholder meeting of JSC Parex banka reviewed and adopted resolutions on all of the matters on the announced agenda of the shareholder meeting:

•   Shareholders of Parex banka approved the company’s annual report for 2011 which was prepared in accordance with the requirements of International Financial Reporting Standards (annual report available at http://www.parex.lv/lv/investoriem/finansu-informacija).. As informed previously, in 2011 Parex banka successfully continued recovering the funds granted by the state in order to rescue the bank. As a result of well-considered operative and financial activity the bank was able to decrease losses significantly.  Since 1 August 2010 Parex banka has recovered more than 220 million lats, including 158 million lats which were recovered during the reporting period. The majority of funds were channelled for repaying the syndicated loan worth 164 million lats; and another 7 million lats were repaid to the Ministry of Finance before term. Despite the fact that only the distressed assets with continuous repayment difficulties are left in Parex banka’s portfolio, in 2011 the company succeeded at decreasing its losses by 93.6 million lats comparing to 2010.
•    Parex banka’s shareholder meeting approved the report of the bank’s Audit Committee for 2011, and adopted a resolution on electing SIA PricewaterhouseCoopers as the auditor of Parex banka’s report for 2012.
•     Shareholder meeting of JSC Parex banka approved the new name of the company – Joint Stock Company Reverta, simultaneously resolving to introduce corresponding amendments to Parex banka’s Articles of Association. At the same time, the shareholder meeting determined that the adopted resolution will become effective after registering amendments to the Articles of Association of Parex banka with the Commercial Register of the Enterprise Register of the Republic of Latvia. The company plans to submit the documents necessary for registering amendments to the Articles of Association with the Enterprise Register in the beginning of May this year.

Additional information: 
On 28 December 2011 shareholder meeting of Parex banka adopted a resolution on giving up its licence for conducting credit institution activity voluntarily. On 15 March 2012 the Finance and Capital Market Commission resolved to adopt a positive decision for Parex banka and annulled the bank’s license. This was a an awaited and important decision for the change of status and brand together with the acquired experience and unique knowledge will enable the company to maintain efficient and professional focus on its core directions of activity: efficient loan restructuring, debt recovery, and management and sales of recovered real estate.
 

Detailed information available at:
Marita Ozoliņa-Tumanovska
Head of Communications and Marketing Department
Tel. 67779142 or 29287169
e-mail: Marita.Ozolina@parex.lv