Government conceptually agrees to the participation of EBRD in Parex banka's equity capital

On 24 March, the Cabinet of Ministers conceptually approved the participation
of EBRD in Parex banka's equity capital. Similarly the Government reached an
agreement to increase Parex banka's capital by 227 million lats. Of those, 165
million will be invested in equity capital by means of Privatisation Agency
obtaining registered voting shares of the new issue for the nominal value of 1
lats, but 62 million will be invested in subordinated capital ensuring the
capital adequacy of 12%. 
 
Government also agreed on the conclusion of the agreement with the lead advisor
Nomura International plc about the organization of forfeiting process of Parex
banka's shares and advisory services during the negotiations with EBRD and
other multilateral financial institutions. 

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/