OREANDA-NEWS. On March 10, 2009 Chairman of the Management Board of Parex banka Nils Melngailis has proposed to extend the Board by two members – Roberts Idelsons, President of Parex Asset Management, and Druvis Murmanis, Head of Corporate Customers Lending Division, who is currently also the Deputy Chairman of the Board, reported the press-centre of Parex banka.

Changes in the structure of the Board are necessary to ensure intensive work at the loan restructuring, develop new services for enterprises and provide the advancement of new business directions, including the development of private capital management services.

“Currently it is very important to ensure the development and implementation of the new business plan of the Bank in order to increase Parex banka’s value, taking the opportunity provided by the new market situation and the structure of Bank’s shareholders. Restructuring of loans and development of new services, as well as development of private capital management services, where we already are able to challenge the European banks, are very important factors; thus, it is planned to afforce the Management Board with two highly capable banking experts – Roberts Idelsons and Druvis Murmanis,” says N.Melngailis.

Mr.Murmanis has gained experince over more than ten years with Hansabanka, where he began his career as Head of Foreigh Exchange Department, followed by subsequent managerial positions including the Head of Corportae Sales and Head of Corporate Banking. It is under his leadership that Hansabanka achieved top positions in the segment of corprate banking services in Latvia. D.Murmanis has held top managerial positions within Hansabank Group – he has been the board member of the Group and CEO of OAO Hansabank (Russia). D.Murmanis holds BA of Science in Management and Economics from the University of Latvia and Executive MBA from Stockholm School of Economics.

Mr. Idelsons is President and CEO of Parex Asset Management. In this capacity he has been responsible for client investment portfolios exceeding US 700m, including a real estate investment portfolio of US 10m. He received his Masters degree in Finance and Credit from the University of Latvia. Prior to joining Parex Group, Mr. Idelsons served as Managing Director of A/S Suprema, the Latvian subsidiary of a leading pan-Baltic investment bank, Evli. He has also been a member of the Supervisory Board of the Riga Stock Exchange (part of OMX Group).

Guntis Belavskis, Senior Vice President and Head of Customer Services Division, Roberts Stugis, Senior Vice President and Head of Finance and IT Sector, Valters Abele, Head of Credit Risk Division and Vladimirs Ivanovs, Vice President, Customer Service Department have been already appointed to the Board of the Bank. The Management Board of Parex banka is chaired by Nils Melngailis.