Quadrant Risk Management (International) Limited, a leading supplier of Enterprise Risk and Compliance solutions, announces that Parex Banka (Latvia) successfully implemented its SAB² solution to enable group capital adequacy reporting to the Latvian regulator.

London, UK, 21st August 2008: Quadrant, a leading supplier of enterprise risk and compliance solutions, announces that Parex Bank (Latvia) has successfully implemented its SAB2 solution to enable consolidated capital adequacy reporting to the Latvian regulator.

Under the agreement, Quadrant extends its SAB² Basel II and Capital Adequacy reporting solution recently implemented for AB Parex Bankas (Lithuania) to the parent company, Parex Banka, based in Latvia (Riga). The extension provides for reporting on Parex Group’s Capital position to the Latvian regulator in accordance with the regulator’s specific reporting requirements.

Paul Lockyear, CEO Quadrant, said, “Following the successful implementation of SAB² for regulatory capital reporting at AB Parex Bankas (Lithuania), I am delighted that the parent bank chose to use SAB² for its consolidated reporting to the Latvian regulator. I believe this reflects the excellence of our solution, our detailed domain knowledge and our focus on customer service”.

Aldis Paegle, Head of Financial Reporting Department at Parex Banka, said, “We are happy that Quadrant’s consultancy and solution based approach allowed us to implement the solution and produce our regulatory reports in less than three weeks”.

About Parex Banka

Parex Banka (Latvia) is the largest and one of the oldest local financial services groups in the Baltics. Parex Group is well represented in 15 countries through its wide network of representative offices and branches including its subsidiaries in Switzerland, AP Anlage und Privatbank AG and branches in Estonia, Germany and Sweden. To find out more about the Parex Banking Group visit www.parexgroup.com.