The intentions of Commerzbank, one of the largest German banks, in Lithuania are “absolutely serious” and the bank should inform about them itself in the nearest future, Economy and Innovation Minister Ausrine Armonaite has said.
She met with the representatives of the bank’s board in Vilnius on Thursday and on Friday, they will meet with President Gitanas Nauseda.
“The meeting was very positive, and Commerzbank will inform itself about the specific plans in Lithuania,” Armonaite told BNS on Thursday after meeting the Commerzbank delegation.
“Commerzbank will inform itself about specific plans in Lithuania, and I will leave that right to them. I can only say that with the natural growth of foreign direct investments in Lithuania, especially from Germany, as well as Germany being our main export market …, it is natural that the business needs more financial partners, banking partners,” she added, answering a question on whether the bank has any plans for expansion in Lithuania.
“Commerzbank is a huge, big player. This means more opportunities for greater economic relations between Germany and Lithuania”, the minister said.
Armonaite, who talked with the bank’s representatives about the possibilities of expanding in Lithuania, did not disclose the format in which the bank could operate in Lithuania, but said that Commerzbank’s intentions in Lithuania are “absolutely serious”.
The minister said that she had met with the bank’s representatives for the first time in November last year, when she visited the bank’s headquarters in Frankfurt, where she presented the possibilities of investment in Lithuania.
“Germany is Lithuania’s main economic partner and one of its biggest investors. So I am very happy that the invitation was accepted and the visit [to Vilnius] took place,” Armonaite said.
Commerzbank did not provide BNS with further details about the meeting with the economy and innovation minister on Thursday, but said it was “very pleased” that it was able to discuss “the investment climate in Lithuania”.
“Lithuania has established itself in recent years as a dynamic and innovative player on the European and global stage,” the German bank said in comments to BNS.
Commerzbank says on its website that the first half of this year has been the most successful for the bank in the last 15 years.
The bank’s profit in the first half of 2024 grew by an annual 12 percent to 1.3 billion euros. Its revenue increased by 2 percent to 5.4 billion euros, from 5.3 billion euros in the first half of 2023.
In addition to Germany, the bank is currently present in 46 countries worldwide.
In recent years, Lithuania’s leaders have been constantly inviting banks from other countries to set up in Lithuania, and representatives of the Bank of Lithuania have also repeatedly mentioned the possible entry of new players in the banking market
In mid-July, the Verslo Zinios news portal reported about plans of Bank of Taiwan, the largest bank in Taiwan, to establish a branch in Lithuania. This was announced after the island’s Financial Supervision Commission approved the bank’s application to establish in Lithuania.
In January, Gediminas Simkus, Governor of the Bank of Lithuania, confirmed to the 15min news portal the unofficial information earlier published by BNS that Pekao, one of the largest Polish banks, is also considering to establish a branch in Lithuania.
Before that, PKO, the largest Polish bank, confirmed to BNS officially that it intended to start operations in Lithuania without establishing a branch there.
Source: BNS
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