Parex banka and KPMG complete review of strategic options - see strong growth potential for bank, which plans to remain independent

Following recent media speculation, Parex banka wishes to state that there have 
been no changes in the shareholder structure of the Bank and that the principal 
shareholders will remain. Moreover, the Bank is proud to continue as an         
independent financial institution with local capital in the Baltic region; and  
will maintain its strategy of strengthening its market positions in the local   
market, as well as expanding its operations in Germany, Sweden, Russia and      
Ukraine.                                                                        

Mr. Valery Kargin, President and Chairman of the Management Board of Parex      
banka, commented: "We have evaluated the current situation, studied the options 
for further growth put forward by KPMG and have decided that our current        
development strategy has served us well, so we will make no change to our       
ownership structure.”                                                           

In line with Parex banka's strategy the principal shareholders of the Bank, Mr. 
Valery Kargin and Mr. Viktor Krasovitsky, have decided to increase the Bank's   
shareholders equity by EUR 22 mln.                                              

About Parex banka:                                                              

With EUR 4.2 billion in assets, Parex banka is one of the leading banks in the  
Baltic States, offering integrated client services, including lending, payment  
card services, leasing, asset management and securities brokerage. The Bank is  
represented in 15 countries through its wide network of representative offices, 
branches and subsidiaries, including a subsidiary in Switzerland, AP Anlage und 
Privatbank AG.                                                                  
Parex banka is rated Baa3 by Moody's Investors Service, BB+ by Fitch Ratings    
and BBB by Capital Intelligence.                                                


Additional information:                                                         
Indra Zinkevica                                                                 
Head of International Communications Department                                 
International Relations Division                                                
Ph.: + 371 6 777 8571                                                           
Fax: + 371 6 777 8569                                                           
E-mail: indra.zinkevica@parex.lv