OREANDA-NEWS. On July 15, 2009 Mr Andzs Ubelis, the Deputy State Secretary of the Ministry of Finance of Latvia, was re-elected as the Chairman of the Supervisory Council of Parex banka. He is the Chairman of Supervisory Council of the Bank since 23 December 2008. Mr. Michael J. Bourke was appointed as Deputy Chairman of Supervisory Council, reported the press-centre of Parex banka.

Mr. Ubelis holds a MSC of International Economics and Public Policy from Cardiff Business School of Cardiff University, MA (DEA) of European Law and Policies from the Centre of European Studies at the University of Nancy and has graduated from the International Relations Program at the University of Latvia. Since 2004 Mr. Ubelis is Deputy State Secretary of the Ministry of Finance, covering the international financial support issues. During more than 10 years of his career in the State administration Mr. Ubelis has held various positions related to management of the EU funding and European integration issues. Currently Mr. Ubelis is also Alternate of Latvian Director at European Investment Bank.

Mr Michael J. Bourke has been President of Rietumu banka for a long time. M.Bourke has gained experience in such international financial institutions as Central Bank of Ireland, International Monetary Fund and NCB Group. M.Bourke is a sertified member of the accountant association (FCCA).

Other issues covered at the Council’s meeting included changes in Council’s regulations and presentation of the Bank’s restructuring strategy, as well as Parex banka’s Management report on the Bank’s current financial situation.

As previously announced new Supervisory Council of Parex banka was elected on 29 June 2009 in the annual General Meeting of the Bank’s Shareholders. In accordance with the resolution made in the meeting the following members are elected to Parex banka’s Council – Andzs Ubelis, Michael J. Bourke, Laurence Phillips Adams, Kaspars Abolins and Carl Hakan Kallaker.