OREANDA-NEWS. On August 28, 2009 the extraordinary meeting of Parex banka’s shareholders approved the restated Articles of Association of the Bank. The new edition of the Articles has been drafted in compliance with the requirements set by the Agreement with the European Bank for Reconstruction and Development (EBRD), reported the press-centre of Parex Banka.

Pursuant to the restated Articles, henceforward any decision of the Board shall require a preliminary approval by the Council of the Bank.

Currently, Parex banka’s majority shareholder with 95.3% holding is the Latvian Privatisation Agency. The EBRD will acquire 25% and one share of the Bank.

Similarly, the Supervisory Council of Parex banka was re-elected at the meeting. In accordance with the resolution made during the meeting the following members are elected to Parex banka’s Council – Andzs Ubelis, Michael J. Bourke, Laurence Phillips Adams, Kaspars Abolins and Juris Vaskans. With the exception of Juris Vaskans, all the elected members worked in the Council of the Bank also previously. Juris Vaskans is a Board Member of the Latvian Privatisation Agency.