Extraordinary Shareholder Meeting of Parex Banka Elects New Supervisory Council


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. 


Additional information:
Indra Zinkeviča
Head of Corporate Communications Division
Parex banka
Tālr. 67778571
Fakss: 67778588
E-pasts: pr@parex.lv