OREANDA-NEWS. November 19, 2007. Please be informed about the new appointment of Mr.Zolotarev effective from 3 December 2007, who will resign from the Management Board of Parex banka to assume a position of Vice Chairman of the Board of Directors of Parex banka.

This transition will allow him to focus exclusively on building the Parex Group's Capital Markets, Investment Banking and Asset Management businesses. Mr.Zolotarev will also continue to be responsible for all international banking and other institutional relationship matters, especially the Parex Group's international funding projects - syndicated loans, Eurobonds and other market instruments.

Mr.Krasovitsky, Chairman of the Board of Directors of Parex banka said: "We welcome the transition of Mr.Zolotarev to focus on the business area he had been instrumental in building since joining the bank in 1998. This will help the entire Parex Group achieve even better performance and efficiency standards".

With EUR 4,3 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.