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PRX: Government approves Parex banka's restructuring plan

Spekuliantai.lt | 2009-05-08 | NASDAQ OMX biržų naujienos | perskaitė: 1254
PRX: Government approves Parex banka's restructuring plan

Parex banka Company Announcement 08.05.2009

Government approves Parex banka's restructuring plan

On 8 May, the Cabinet of Ministers approved Parex banka's restructuring plan,
which was developed to assert the state support in the European Commission. The
document gives an overview of the development plans of the bank, which are in
line with the European Commission regulations on the state support during the
aid provision period.

The restructuring plan indicates that the main objective of the bank is to
return to the ownership of a successful private investor, the repayment of the
short-term liquidity support granted by the Latvian government, and termination
of the State Treasury guarantees. Parerx banka has also defined its main
strategic priorities: the restructuring of work organization to reach maximum
efficiency and economy, as well as provision of independent bank's funding and
capital adequacy. Furthermore, the improvement of risk control and management,
lifting of the imposed restrictions and development of a new positioning plan
in the market are also on the priority list. The document also gives an outline
of the most important aspects of the bank's business plan until 2013, including
financial forecasts of balance sheet, profit and loss statement.

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

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