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International PAREX Financial Group opened Swiss subsidiary representative office in Lithuania

April 16, 2007

12.04.2007, Vilnius. Parex financial Group opened a representative office of the Swiss bank AP Anlage & Privatbank AG in Lithuania. Parex International Financial Group is the first and the only financial services provider in the Baltics that owns the bank in Switzerland. Parex Group acquired AP Anlage & Privatbank AG in Switzerland in 2004.

In 1995, AP Anlage & Privatbank AG bank was founded by Hypo Bank and in the year 2004 it was acquired by AS Parex banka. 100 percent of shares of AP Anlage & Privatbank AG belong to AS Parex banka. In 2006, Latvia started providing the services of the Swiss bank, and in January 2007 a representative office of AP Anlage & Privatbank AG was registered in Vilnius, Lithuania.

According to Gene Zolotarev, Vice President of the Parex Group and member of the Council of AP Anlage & Privatbank AG –“30% of the world’s private and institutional assets are currently managed in Switzerland. The clients rely on deep-rooted Swiss banking traditions, high standards of private banking services and particularly on favourable legal environment – the Swiss Banking Secrecy Act has remained unchanged since its adoption in 1935. From now on, these opportunities will be provided in Lithuania as well, through the representative office of AP Anlage & Privatbank AG.”

In the opinion of Jonas Gaidukevièius, representative of AP Anlage & Privatbank AG in Lithuania, “AP Anlage & Privatbank AG bank will provide asset management, investment portfolio formation and management and other services to Parex Group clients. Provision of these services is based on absolute trust and confidentiality, in the Swiss tradition of high quality banking.”

About the International Financial Parex Group:
The financial Parex Group was established in 1992. Currently, the Group owns banks, branches and representative offices in 15 countries of the world, including Estonia, Latvia, Lithuania, Great Britain, Germany, Scandinavia, Japan, Russia and other CIS countries.
In Lithuania Parex Group is represented by AB Parex Bankas, UAB Parex Investicijø Valdymas (Parex Investment Management) and UAB Parex Faktoringas ir Lizingas (Parex Factoring and Leasing).

For more information please contact:
Sigita Vergnes
Communication Manager
Marketing and Public Relations Department
PAREX Bankas
Tel. 8 5 2664 667
Mob. 8 612 51512
Fax 8 5 26644692
E-mail: s.vergnes@parex.lt
www.parex.lt