Published: January 9, 2009
The new management board of Parex Banka took office on 5 December 2008. It is chaired by Nils Melngailis, a former executive director of Lattelecom, a leading communications company in the Baltics.
The following senior managers of Parex Banka have been appointed to the board of the bank: Guntis Beļavskis, senior vicepresident and head of customer services division, Valters Ābele, head of credit risk division and Vladimirs Ivanovs, vicepresident, customer service department.
After leaving the position of executive director at Lattelecom in April 2008, Nils Melngailis established the investment firm Riga Capital. Before that he was a partner at the northern Europe division of IBM Business Consulting Services, as well as a partner at PriceWaterhouse Coopers in London and the responsible partner for the Baltics. He was also the manager in charge at Coopers & Lybrand auditors in Latvia.
The management board of Parex Banka was elected after the acquisition agreement was signed on 5 December 2008. Under the terms of the agreement, 84.83% of Parex Banka’s shares have been transferred to the state-owned Mortgage and Land Bank of Latvia. The existing minority shareholders of Parex Banka will retain the remaining 15.17% of the bank’s capital. The new board has been approved by the local regulator FCMC.