OREANDA-NEWS  On 11 December was announced, that the new Management Board of Parex banka took office on 5 December 2008. It is chaired by Nils Melngailis, a former Executive Director of Lattelecom, the leading communications company in the Baltics.

In addition, the following senior managers of Parex banka have been appointed to the Board of the Bank: Guntis Beпavskis, Senior Vice President and Head of Customer Services Division, Valters Вbele, Head of Credit Risk Division and Vladimirs Ivanovs, Vice President, Customer Service Department.

After leaving the position of Executive Director at Lattelecom in April this year, Nils Melngailis established the investment firm Riga Capital, where he became President.. Under his leadership the Lattelecom Group introduced and implemented an extensive modernisation project, transforming the fixed communications operator into a modern electronic communications provider in the fields of telecommunications, internet and digital TV. He also represents the U.S. investment company Blackstone Group in the Baltic Region.

Nils Melngailis was previously a Partner at the Northern Europe division of IBM Business Consulting Services, as well as a Partner at PriceWaterhouse Coopers in London and the responsible Partner for the Baltics. He was also the manager in charge at Coopers & Lybrand auditors in Latvia.

The Management Board of Parex banka was elected after the acquisition agreement was signed on 5 December 2008. Under the terms of the agreement, 84.83% of Parex banka’s shares have been transferred to the state-owned Mortgage and Land Bank of Latvia. The existing minority shareholders of Parex banka will retain the remaining 15.17% of the Bank’s capital. The new board has been approved by the local regulator FCMC.