OREANDA-NEWS  On 04 March was announced, that the necessary changes to the register of Parex banka’s shareholder register was made, thus Latvian Privatisation Agency become the holder of 85,14% of the Bank’s shares. The Latvian Financial and Capital Markets Commission has granted the necessary approval for Privatisation agency in acquiring shares of Parex banka.

Henceforth, a specially formed interinstitutional work group under the guidance of the Finance Minister will resolve all questions pertaining the negotiations with the lead consultant Nomura International plc, increase of Parex banka’s capital, as well as the proposals of possible investors, including the European Bank for Reconstruction and Development, to participate in the equity capital of Parex banka, while the Privatisation Agency will carry out necessary routine activities involving management of shares.

As reported, on 24 February 2009, Government made a decision to transfer state-owned 85,14% of Parex banka’s shares into holding of the Privatisation Agency to ensure further professional actions and prepare the Bank for capital increase and further selling. Under this decision the Privatisation Agency shall take over Parex banka’s shares owned by the Mortgage and Land Bank of Latvia upon the conclusion of purchase agreement.