Financial Information
Since August the 1st, 2010 Latvia have received payments from Reverta for more, than EUR 705 M, EUR 451.2 M of those were the direct payments to the State Treasure of Latvia.
Since August 1st, 2010 our team has recove-
red € 765 m by processing and sell-
ing distressed assets.

Shareholder Meetings

Jul 30, 2010
Extraordinary Shareholder Meeting of Parex Banka Elects New Supervisory Council
Today, on July 30, 2010, extraordinary shareholder meeting of Parex banka elected a new Supervisory Council consisting of four people – Michael J. Bourke, present Deputy Chairman of Parex banka’s Supervisory Council, as well as Sarmīte Jumīte, Vladimirs Loginovs and Mary Ellen Collins. All of the elected Members of Supervisory Council have notable knowledge and extensive international experience in financial sector. The new Council will assume their posts on 1 August 2010, up to the point the current Supervisory Council will be in duty.

M. J. Bourke has almost 40 years of professional experience in banking sector – he started his career in the Irish Central Bank in 1971. Later on, he worked for the International Monetary Fund (IMF) and his job tasks were related with granted foreign loans; he has worked for NCB Group, an Irish bank, in the post of financial director. He has also continued working for the IMF and cooperated with central banks in Central and Eastern Europe. From 1992 – 1997 M. J. Bourke was also an advisor of the Bank of Latvia, helping to develop a modern bank supervision system in the State. From 1997 – 2006 M. J. Bourke worked in the post of the President and Chairman of the Board of Rietumu banka and in 2009 he was elected in Supervisory Council of Parex banka. The Irish government has appointed M. J. Bourke as the Honorary Consul in Latvia; Mr. Bourke is also a member of Association of Chartered Certified Accountants (FCCA).

Vladimirs Loginovs, on his part, has more than ten years of experience in investment banking and corporate finance, including organization of M&A deals for such enterprises as Baltcom GSM, Mobil Plus and Kolorits, organizing privatization deals for such companies as Ventspils Nafta and Latvijas Unibanka as well as for many other companies in the Baltic States. Presently, V. Loginovs is a consultant to Privatization Agency, however previously he used to be Head of Investment Services Department at Parex banka. He acquired his degree in CFA (Chartered Financial Analyst) in the USA.

Sarmīte Jumīte has worked in several leading positions at the Ministry of Finance of the Republic of Latvia, such as Head of External Debt Administration Department; presently she is Director of Legal Department of the State Treasury. S. Jumīte has taken part in negotiations with the World Bank, European Investment Bank as well as other banks in Latvia on granting State loans and State guarantees.

Mary Ellen Collins has more than 30 years of experience in banking sector. For the time being, she is an independent financial consultant and she specializes in attracting investors to developing markets in Central and Eastern Europe as well as Russia and Central Asia. Before that, she worked for the European Bank for Reconstruction and Development for eight years where her main job tasks were restructuring companies and rehabilitating them after crises.

About Parex banka

Joint stock company Parex banka was founded in 1992 and it has operated successfully via its representative offices, branches and subsidiaries in 13 countries. In late 2008, due to changes in global finance markets, the State took over shares of Parex banka in order to ensure stability of the bank’s liquidity and carry out the bank’s restructuring which was completed on august 1, 2010. After the split-up, a part of assets have been retained in the so called “solution bank” which continues to work under the name of Parex banka.
Jul 30, 2010
Extraordinary Shareholder Meeting of Parex Banka Elects New Supervisory Council
Today, on July 30, 2010, extraordinary shareholder meeting of Parex banka elected a new Supervisory Council consisting of four people – Michael J. Bourke, present Deputy Chairman of Parex banka’s Supervisory Council, as well as Sarmīte Jumīte, Vladimirs Loginovs and Mary Ellen Collins. All of the elected Members of Supervisory Council have notable knowledge and extensive international experience in financial sector. The new Council will assume their posts on 1 August 2010, up to the point the current Supervisory Council will be in duty.

M. J. Bourke has almost 40 years of professional experience in banking sector – he started his career in the Irish Central Bank in 1971. Later on, he worked for the International Monetary Fund (IMF) and his job tasks were related with granted foreign loans; he has worked for NCB Group, an Irish bank, in the post of financial director. He has also continued working for the IMF and cooperated with central banks in Central and Eastern Europe. From 1992 – 1997 M. J. Bourke was also an advisor of the Bank of Latvia, helping to develop a modern bank supervision system in the State. From 1997 – 2006 M. J. Bourke worked in the post of the President and Chairman of the Board of Rietumu banka and in 2009 he was elected in Supervisory Council of Parex banka. The Irish government has appointed M. J. Bourke as the Honorary Consul in Latvia; Mr. Bourke is also a member of Association of Chartered Certified Accountants (FCCA).

Vladimirs Loginovs, on his part, has more than ten years of experience in investment banking and corporate finance, including organization of M&A deals for such enterprises as Baltcom GSM, Mobil Plus and Kolorits, organizing privatization deals for such companies as Ventspils Nafta and Latvijas Unibanka as well as for many other companies in the Baltic States. Presently, V. Loginovs is a consultant to Privatization Agency, however previously he used to be Head of Investment Services Department at Parex banka. He acquired his degree in CFA (Chartered Financial Analyst) in the USA.

Sarmīte Jumīte has worked in several leading positions at the Ministry of Finance of the Republic of Latvia, such as Head of External Debt Administration Department; presently she is Director of Legal Department of the State Treasury. S. Jumīte has taken part in negotiations with the World Bank, European Investment Bank as well as other banks in Latvia on granting State loans and State guarantees.

Mary Ellen Collins has more than 30 years of experience in banking sector. For the time being, she is an independent financial consultant and she specializes in attracting investors to developing markets in Central and Eastern Europe as well as Russia and Central Asia. Before that, she worked for the European Bank for Reconstruction and Development for eight years where her main job tasks were restructuring companies and rehabilitating them after crises.

About Parex banka

Joint stock company Parex banka was founded in 1992 and it has operated successfully via its representative offices, branches and subsidiaries in 13 countries. In late 2008, due to changes in global finance markets, the State took over shares of Parex banka in order to ensure stability of the bank’s liquidity and carry out the bank’s restructuring which was completed on august 1, 2010. After the split-up, a part of assets have been retained in the so called “solution bank” which continues to work under the name of Parex banka.
Jul 1, 2010
An Extraordinary meeting of Shareholders to be held at Parex banka
An extraordinary meeting of shareholders of SC „Parex banka” to be held on 30 July 2010. The main issues on the meeting’s agenda include election of Supervisory Council and Audit Committee, as well as issues related to transfer of part of the assets to the bank Citadele.

Current Council of Parex banka was elected in an extraordinary shareholders’ meeting on 6 April 2010 , being chaired by Juris Jākobsons, further members of the Council are Michael J. Bourke, Laurence Phillip Adam, Klāvs Vasks and Juris Vaskāns. This shareholder meeting also discussed issues related to Audit Committee.

76,6% of the Bank’s shares are held by Latvian Privatisation Agency, the EBRD is the owner of 19,7% of Parex banka’s shares, while the rest is in the ownership of minority shareholders.

About Parex banka

Founded in 1992, Parex banka currently employs around 1 700 people in Latvia. The Bank 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. Currently, 76,6% of the Bank’s shares are held by Latvian Privatisation Agency, while the EBRD is the owner of 19,7% of Parex banka’s shares. Parex banka has signed up to the European Code of Conduct on housing loans. In March 2010 the Bank participated in Evaluate good service! campaign and received the most client appraisals in financial sector.
Jul 1, 2010
An Extraordinary meeting of Shareholders to be held at Parex banka
An extraordinary meeting of shareholders of SC „Parex banka” to be held on 30 July 2010. The main issues on the meeting’s agenda include election of Supervisory Council and Audit Committee, as well as issues related to transfer of part of the assets to the bank Citadele.

Current Council of Parex banka was elected in an extraordinary shareholders’ meeting on 6 April 2010 , being chaired by Juris Jākobsons, further members of the Council are Michael J. Bourke, Laurence Phillip Adam, Klāvs Vasks and Juris Vaskāns. This shareholder meeting also discussed issues related to Audit Committee.

76,6% of the Bank’s shares are held by Latvian Privatisation Agency, the EBRD is the owner of 19,7% of Parex banka’s shares, while the rest is in the ownership of minority shareholders.

About Parex banka

Founded in 1992, Parex banka currently employs around 1 700 people in Latvia. The Bank 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. Currently, 76,6% of the Bank’s shares are held by Latvian Privatisation Agency, while the EBRD is the owner of 19,7% of Parex banka’s shares. Parex banka has signed up to the European Code of Conduct on housing loans. In March 2010 the Bank participated in Evaluate good service! campaign and received the most client appraisals in financial sector.
Apr 6, 2010
New Council of Parex banka elected at a extraordinary shareholders’ meeting
New Council of Parex banka was elected during extraordinary meeting of shareholders on Tuesday 6 April 2010. Following Council members were elected – Juris Jākobsons, Michael J. Bourke, Laurence Phillip Adams, Juris Vaskāns and Klāvs Vasks.

Two new representatives were elected to the Council – Juris Jākobsons, Project Manager of Parex banka restructuring issues at Latvian Privatisation Agency, and Klāvs Vasks, Member of the Board at Latvian Guarantee Agency. Both appointed Council Members have more than 15 years of extensive experience in banking sector.

Since January 2010 Juris Jākobsons is Project Manager of Parex banka restructuring issues at Latvian Privatisation Agency. Previously he held position of Chairman of the Board and President at Vereinsbank Riga (later renamed HVB Bank Latvia, currently UniCredit Bank), prior being also Member of the Board and Vice-president at SEB Bank Latvija. Mr Jākobsons has an Executive MBA from Helsinki School of Economics and Business Administration.

While Klāvs Vasks holds the position of Member of the Board at Latvian Guarantee Agency since July 2009, having previously attained extensive banking experience at SEB Bank Latvija, where he was Vice-president, Head of Restructuring and workout and Head of Large Corporate Banking. Mr. Vasks has attained a MBA at Riga Business School.

As previously announced representatives of Ministry of Finance Andžs Ūbelis and Kaspars Āboliņš have resigned from Parex banka’s Council effective 31 March 2010. A.Ūbelis was the Chairman of the Council since 28 December 2008. Both former Members of Parex banka’s Council did not receive any financial awards for efforts in the Bank’s Council and will not receive any compensations for the resignation.

Ministry of Finance has stated that the post-crisis stabilisation stage has come to its conclusion and the restructuring phase has begun; thus, the importance of Ministry’s representative presence at the management of the Bank has decreased. Further indicator of the stabilisation of the Latvian economy is decision of international rating agency Moody’s Investors Service to increase Latvia’s future development evaluation from negative to stable.

About Parex banka

Founded in 1992, Parex banka currently employs around 1 800 people in Latvia. The Bank 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. Currently, 76,6% of the Bank’s shares are held by Latvian Privatisation Agency, while the EBRD is the owner of 19,7% of Parex banka’s shares. Parex banka has signed up to the European Code of Conduct on housing loans.
Apr 6, 2010
New Council of Parex banka elected at a extraordinary shareholders’ meeting
New Council of Parex banka was elected during extraordinary meeting of shareholders on Tuesday 6 April 2010. Following Council members were elected – Juris Jākobsons, Michael J. Bourke, Laurence Phillip Adams, Juris Vaskāns and Klāvs Vasks.

Two new representatives were elected to the Council – Juris Jākobsons, Project Manager of Parex banka restructuring issues at Latvian Privatisation Agency, and Klāvs Vasks, Member of the Board at Latvian Guarantee Agency. Both appointed Council Members have more than 15 years of extensive experience in banking sector.

Since January 2010 Juris Jākobsons is Project Manager of Parex banka restructuring issues at Latvian Privatisation Agency. Previously he held position of Chairman of the Board and President at Vereinsbank Riga (later renamed HVB Bank Latvia, currently UniCredit Bank), prior being also Member of the Board and Vice-president at SEB Bank Latvija. Mr Jākobsons has an Executive MBA from Helsinki School of Economics and Business Administration.

While Klāvs Vasks holds the position of Member of the Board at Latvian Guarantee Agency since July 2009, having previously attained extensive banking experience at SEB Bank Latvija, where he was Vice-president, Head of Restructuring and workout and Head of Large Corporate Banking. Mr. Vasks has attained a MBA at Riga Business School.

As previously announced representatives of Ministry of Finance Andžs Ūbelis and Kaspars Āboliņš have resigned from Parex banka’s Council effective 31 March 2010. A.Ūbelis was the Chairman of the Council since 28 December 2008. Both former Members of Parex banka’s Council did not receive any financial awards for efforts in the Bank’s Council and will not receive any compensations for the resignation.

Ministry of Finance has stated that the post-crisis stabilisation stage has come to its conclusion and the restructuring phase has begun; thus, the importance of Ministry’s representative presence at the management of the Bank has decreased. Further indicator of the stabilisation of the Latvian economy is decision of international rating agency Moody’s Investors Service to increase Latvia’s future development evaluation from negative to stable.

About Parex banka

Founded in 1992, Parex banka currently employs around 1 800 people in Latvia. The Bank 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. Currently, 76,6% of the Bank’s shares are held by Latvian Privatisation Agency, while the EBRD is the owner of 19,7% of Parex banka’s shares. Parex banka has signed up to the European Code of Conduct on housing loans.
Mar 31, 2010
Annual meeting of Parex banka’s shareholders to be held on 30 April 2010
The annual meeting of Parex banka’s shareholders will be held on 30 April 2010. The agenda of the meeting contains the approval of bank’s 2009 annual report.

As reported previously, on 6 April 2010, Parex banka’s shareholders will assemble for an extraordinary meeting to elect the Council and an Audit Committee for the bank. This meeting has been initiated by the Privatisation Agency. The previous extraordinary meeting of shareholders was held on 29 January to decide on the issue of bank’s debt securities.

Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 76.6% of the Bank’s shares, but 19.7% are owned by the European Bank for Reconstruction and Development. Minority shareholders hold the remaining shares.

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.
Mar 31, 2010
Annual meeting of Parex banka’s shareholders to be held on 30 April 2010
The annual meeting of Parex banka’s shareholders will be held on 30 April 2010. The agenda of the meeting contains the approval of bank’s 2009 annual report.

As reported previously, on 6 April 2010, Parex banka’s shareholders will assemble for an extraordinary meeting to elect the Council and an Audit Committee for the bank. This meeting has been initiated by the Privatisation Agency. The previous extraordinary meeting of shareholders was held on 29 January to decide on the issue of bank’s debt securities.

Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 76.6% of the Bank’s shares, but 19.7% are owned by the European Bank for Reconstruction and Development. Minority shareholders hold the remaining shares.

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.
Mar 4, 2010
Extraordinary meeting of Parex banka’s shareholders to be held on 6 April 2010
Initiated by the Privatisation Agency, Parex banka’s shareholders will assemble for an extraordinary meeting to elect the Council and an Audit Committee for the bank on 6 April 2010.

The current membership of the Council was approved on 29 January 2010 with Andžs Ūbelis as the chairman and following members: Kaspars Āboliņš, Juris Vaskāns, Michael J. Bourke and Laurence Philip Adams.

Mr Ūbelis is also the deputy state secretary of the Latvian Finance Ministry, and he has chaired the bank’s Council since 23 December 2008. Over the course of 10 years in the system of national governance, he has held a series of positions related to management of EU financing, as well as European integration.

Mr Āboliņš is governor of the State Treasury, while Mr Vaskāns was formerly on the board of the Privatisation Agency. Mr Bourke has served a long term as the president of the Rietumu Banka. He also has a wealth of experience with international financial institutions, including the Irish Central Bank, the IMF, and the NCB Group. Mr Adams represents the European Bank for Reconstruction and Development. He has a 25-year history in the financial sector and has worked for foreign financial institutions such as ABN AMRO Bank and Citibank.

The previous extraordinary meeting of shareholders was held on 29 January to decide on the issue of bank’s debt securities.

Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 76.6% of the Bank’s shares, but 19.7% are owned by the European Bank for Reconstruction and Development. Minority shareholders hold the remaining shares.

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.
Mar 4, 2010
Extraordinary meeting of Parex banka’s shareholders to be held on 6 April 2010
Initiated by the Privatisation Agency, Parex banka’s shareholders will assemble for an extraordinary meeting to elect the Council and an Audit Committee for the bank on 6 April 2010.

The current membership of the Council was approved on 29 January 2010 with Andžs Ūbelis as the chairman and following members: Kaspars Āboliņš, Juris Vaskāns, Michael J. Bourke and Laurence Philip Adams.

Mr Ūbelis is also the deputy state secretary of the Latvian Finance Ministry, and he has chaired the bank’s Council since 23 December 2008. Over the course of 10 years in the system of national governance, he has held a series of positions related to management of EU financing, as well as European integration.

Mr Āboliņš is governor of the State Treasury, while Mr Vaskāns was formerly on the board of the Privatisation Agency. Mr Bourke has served a long term as the president of the Rietumu Banka. He also has a wealth of experience with international financial institutions, including the Irish Central Bank, the IMF, and the NCB Group. Mr Adams represents the European Bank for Reconstruction and Development. He has a 25-year history in the financial sector and has worked for foreign financial institutions such as ABN AMRO Bank and Citibank.

The previous extraordinary meeting of shareholders was held on 29 January to decide on the issue of bank’s debt securities.

Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 76.6% of the Bank’s shares, but 19.7% are owned by the European Bank for Reconstruction and Development. Minority shareholders hold the remaining shares.

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.