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PRX: European Commission allows Latvia to raise share capital in Parex banka

Spekuliantai.lt | 2009-05-12 | NASDAQ OMX biržų naujienos | perskaitė: 1065
PRX: European Commission allows Latvia to raise share capital in Parex banka

Parex banka Company Announcement 12.05.2009

European Commission allows Latvia to raise share capital in Parex banka

On 11 May 2009, the European Commission allowed the Latvian Government to
purchase the new issue of shares in Parex banka; thus, raising the Bank's share
capital. The European Commission's approval was necessary for Parex banka to
improve its capital adequacy ratio to 11%.

As previously announced, the Cabinet of Ministers conceptually approved the
participation of the EBRD in Parex banka's equity capital on 24 March 2009.
Similarly the Government reached an agreement to increase Parex banka's capital
by 227 million lats - 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. Moreover, Share Purchase Agreements between the EBRD and Latvian
Government were signed on 16 April 2009. Agreements provide that following the
increase of equity capital the EBRD will purchase 57,506,825 ordinary shares
comprising 25% and 1 share of the Bank's equity capital.

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
Parex banka
Ph. +371 6777 8571 or +371 2913 9449
E-mail: pr@parex.lv
http://www.parexgroup.com/en/

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2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

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