10.05.2007

The Financial Services Authority (FSA), an organization, responsible forregulating all financial services in the UK has issued the acknowledgement thatParex Asset Management (PAM) is allowed to carry out management of investmentportfolios in United Kingdom by means of cross border services from Latvia.Parex Asset Management is the first Baltic asset management company to beallowed to perform this service in United Kingdom.

Elena Coleman, Board Member of Parex Asset Management has commented: “Withthe FSA's approval PAM gets access to the largest financial market in theEuropean Union – the market of the City of London. We hope to draw attentionof a larger number of investors to the Baltics and to the other countries wherewe operate including Russia, Ukraine, Kazakhstan and Azerbaijan”. Apart of theUnited Kingdom and its home country Latvia, Parex Asset Management and itssubsidiaries are also allowed to provide financial services in Sweden, Germany,Ukraine, Lithuania, Estonia and Russia. Parex banka operates a representativeoffice in United Kingdom, aiming at increasing investors’ interest in Latviaand its business industry. Moreover, every year, Parex banka in cooperation withthe Embassy of the Republic of Latvia in UK hold a seminar, which informs theleading banking experts of London about Latvian banking sector developments andpromotes country’s inves­tment opportunities. Source: http://www.parexgroup.com/