Banks, Financial Services, Latvia, Legislation

The bank's new council is now made up of: the Latvian Chamber of Commerce and Industry's board chairwoman Zaneta Jaunzeme, Finance Ministry Deputy State Secretary Andzs Ubelis, Hakan Kallaker, former Finance Ministry official Gints Freimanis, State Treasury Administrator Kaspars Abolins and board member at Latvijas Hipoteku un zemes banka (Latvian Mortgage and Land Bank) Rolands Panko.

These persons will replace the bank's previous council – Guntars Grinbergs, Valdis Birkavs, Aija Poca, Hans Eberhard Berndt, Gints Poiss and Viesturs Neimanis.

As reported, the government and former Parex majority shareholders have signed an agreement on the takeover of 85% of Parex shares by the state. As a result, Parex has become a subsidiary of the Mortgage Bank.

Former Lattelecom CEO Nils Melngailis has been appointed the new board chairman at Parex.

The bank's board also includes Parex Credit Risk Management Department Head Valters Abele, Parex Senior Vice President for Customer Service Guntis Belavskis and Vice President for Customer Service Vladimirs Ivanovs.