On 23 December, Andzs Ubelis, the Deputy State Secretary of the Ministry of Finance of Latvia, was elected as the Chairman of the Supervisory Council of Parex banka during the first meeting of the new Council. As stated by A.Ubelis, the main tasks of the Parex banka's Council will be professional and efficient supervision of the Board of the Bank and decision making. Short-term priorities include the assessment of the Board's proposals of the stabilization and restructuring of the Bank, as well as its future development strategy. “To ensure the restoration and strengthening of the confidence of the Bank's clients, the Latvian Government has supported the proposal to provide the Bank with vital liquidity resources. This is the most significant prerequisite for the provision of sound banking services in the nearest future,” emphasized the Chairman of the Supervisory Council of Parex banka A.Ubelis. Mr. Ubelis holds a MSC of International Economics and Public Policy from Cardiff Business School of Cardiff University, MA (DEA) of European Law and Policies from the Centre of European Studies at the University of Nancy and has graduated from the International Relations Program at the University of Latvia. Since 2004 Mr. Ubelis is Deputy State Secretary of the Ministry of Finance, covering the international financial support issues. During more than 10 years of his career in the State administration Mr. Ubelis has held various positions related to management of EU funding and European integration issues. Currently Mr. Ubelis is also Alternate of Latvian Director at European Investment Bank. The first meeting of the recently appointed Supervisory Council of Parex banka took place on Tuesday 23 December. The Council of Parex banka was elected on 19 December during the extraordinary Shareholders' meeting of the Bank. In accordance with the decision made during the meeting the following members were elected in the Parex banka's Council - Rolands Paņko, Andžs Ūbelis, Kaspars Āboliņš, Gints Freimanis, Carl Hakan Kallaker and Žaneta Jaunzeme - Grende. The Council is a supervisory body of the Bank, representing shareholders' interests at the Bank in between the shareholder meetings and supervising actions of the Board; thereby, ensuring further growth and development of the Bank's operations. With a track record of consistent growth since being 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. There are more than 2200 employees working in Parex banka offices across Latvia. Parex banka is the only partner of American Express in Latvia and Lithuania, allowed to issue credit cards American Express. Since 5 December 2008 the State owned Mortgage and Land Bank of Latvia is the majority shareholder of Parex banka. The members of Supervisory Council of Parex banka do not hold any shares with voting rights. Additional information: Indra Zinkevica Head of International Communications Ph. + 371 6777 8571 E-mail: indra.zinkevica@parex.lv