Parex banka denies speculations about the return of former shareholders to the Bank

Parex banka denies the possible return of the former shareholder and president
Valery Kargin to the Bank. Such decision has never been planned or discussed
neither by the Board, nor by the Council of the Bank. 

However, Parex banka is planning to enforce its team with high-level
professionals experienced in international markets, including the work with
customers in Russia and CIS. As reported earlier, on 10 March, Nils Melngailis,
Chairman of the Management Board of Parex banka proposed to extend the Board by
two highly skilled banking experts - Roberts Idelsons, President of Parex Asset
Management, and Druvis Mūrmanis, Head of Corporate Customers Lending Division. 

As noted by N.Melngailis, currently the top priority of the Bank is the
development and implementation of the new business plan to increase Parex
banka's value. Enhancement of the Management Board will ensure intensive work
at the loan restructuring, development of new services and advancement of new
business directions, including the development of venture capital management
services, where Parex banka already now is able to stand the competition of
other European banks. 

About Parex banka:

Founded in 1992, Parex banka 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 is the only partner of
American Express in Latvia and Lithuania, allowed to issue American Express
credit cards. Since 27 February 2008, the Latvian Privatisation Agency is the
majority shareholder of Parex banka. 

Additional information:
Indra Zinkevica
Head of Corporate Communications and PR
Ph. +371 6777 8571 or +371 2913 9449
E-mail: pr@parex.lv
http://www.parexgroup.com/en/