The new representative office in Vilnius, the capital of Lithuania, will become the center of the three Baltic states – Estonia, Latvia and Lithuania.
Commerzbank is said to be focusing on trade and project finance in the region, with a key priority being deepening cooperation with the public and local financial services sectors.
“Germany is one of the most significant trading partners of the Baltic States. The move will strengthen Commerzbank’s presence in this fast-growing region of Europe. In this way, we promote various economic relations between the Baltic countries and Germany”, Michael Kotzbauer, member of the board of Commerzbank responsible for business clients, is quoted in the report.
“Through the representative office in Lithuania, our clients will benefit from Commerzbank’s local experience and strong connections,” he noted.
G. Šimkus: Commerzbank’s decision indicates that the Lithuanian financial market is attractive
Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania (LB), says that Commerzbank’s decision to establish a representative office in Vilnius indicates that our country’s financial market is attractive.
“We see space for new market participants in the Lithuanian banking sector. Commerzbank’s decision indicates that the Lithuanian financial market is attractive. The activities of this bank will undoubtedly have a positive impact on the competitiveness of the Lithuanian banking sector,” says G. Šimkus in the transmitted comment.
Advisor to the President Vaidas Augustinavičius says that the appearance of a new market participant in the country would increase competitiveness and improve conditions in the financial sector.
A. Armonaitė states that “Commerzbank” in Lithuania is primarily considering working with business clients.
Last year, G. Šimkus and Simonas Krėpšta, a member of the board of the Bank of Lithuania, received a delegation from the Polish commercial bank “Pekao”. Both G. Šimkus and Finance Minister Gintarė Skaistė have already mentioned that the interest in the Lithuanian market is felt from abroad, they said that the arrival of a new participant is probably only a matter of time.
In July, “Verslo žinios” reported Bank of Taiwan’s intention to open a branch in Lithuania.
The information that the Financial Supervisory Commission of Taiwan (FSC) has approved Bank of Taiwan’s application to establish in Lithuania was confirmed to the portal by the head of the Lithuanian Trade Representative Office in Taipei, Paulius Lukauskas.
At the moment, 18 participants operate in the Lithuanian banking sector: 13 have bank licenses, another 5 operate as branches of foreign banks. The majority of the market is held by Swedbank, SEB and Luminor.
2024-08-22 00:28:27