OREANDA-NEWS. Parex banka is pleased to announce that it will reveal the brand of the New Bank on Thursday, 1 July, at 15:00 o’clock at the Bank’s headquarters at Republikas Square 2A in Riga, reported the press-centre of Parex banka.

Press representatives, particularly television representatives and photo-reporters, who wish to attend this event are kindly asked to advise the bank by 12:00 o’clock on Thursday, 1 July, by calling +371 6701-0835 or writing to pr@parex.lv.

As previously reported, on 23 March, the Latvian Cabinet of Ministers (Government) approved this restructuring plan and it was submitted to the European Commission for approval on 31 March 2010. According to the plan a part of Parex banka’s assets will be used for the creation of a new bank with a stable financial base, which will make it easier to attract investors and repay the resources invested into the Bank by Latvian state institutions at the earliest possible convenience. The main beneficiaries of this will be depositors at the existing Parex banka, as they will be automatically transferred to the New Bank. The New Bank will service all client accounts, the same as all guarantees and advantages of saving products will be preserved.

On 29 June, the Finance and Capital Markets Commission provided a licence to the New Bank, and it is planned to be registered in the Commercial Register on 30 June 2010. The Management Board of the New Bank will be chaired by Juris Jakobsons, currently holding the position of the Bank’s Council Chairman, Board members will be current Parex banka’s Board Members Guntis Belavskis and Valters Abele. While the council of the New Bank will include Deputy State Secretary of Ministry of Finance Andzs Ubelis and two members of current Council - Juris Vaskans un Klavs Vasks.