„We discussed (with Aušrine Armonaite – ELTA) the development of the financial market; I think there is room for new market players in our country, for credit institutions, especially those with capital, liquidity and know-how how to do banking business. We have at least a few institutions showing the initiative to come to Lithuania, such as Commerzbank (...). Still, the market players themselves should comment on the specific plans,“ Šimkus told journalists after a meeting with the Minister of Economy and Innovation, Aušrine Armonaite.
„There are many forms of activity, it can be a branch, a department, a representative office, (...) but we have concrete indications that our country is interesting, attractive and where large banking players from other countries see opportunities to do business,“ he said.
Šimkus could not yet disclose which of the banks mentioned in the public domain would end up in Lithuania and called for „strategic patience“.
„Now we have heard about the plans of one of the Taiwanese banks, the visit of Commerzbank, and now we are talking about „who else“. A little bit of strategic patience when the banks are ready when they have their strategies, then they will comment. (...) The same with the Polish Pekao bank“, said the Chairman of the Board of the LB.
Vaidas Augustinavičius, advisor to the President, says concrete news on Commerzbank's possible entry into Lithuania should become clear already this year. According to him, the emergence of a new market player in the country would increase competitiveness and improve conditions in the financial sector.
Armonaitė argues that Commerzbank in Lithuania is primarily considering working with corporate clients.
Last year, Gediminas Šimkus, Chairman of the Bank of Lithuania, and Simonas Krėpšta, Member of the Bank of Lithuania, hosted a delegation from the Polish commercial bank Pekao. Both Šimkus and Finance Minister Gintarė Skaistė have already mentioned foreign interest in the Lithuanian market and said that the arrival of a new player is probably only a matter of time.
In July, Verslo žinios reported about the Bank of Taiwan's intention to open a branch in Lithuania.
The Head of the Lithuanian Trade Representative Office in Taipei, Paulius Lukauskas, confirmed to the portal that Taiwan's Financial Supervisory Commission (FSC) has approved the Bank of Taiwan's application to set up in Lithuania.
Currently, there are 18 players in the Lithuanian banking sector: 13 have bank licences, and five operate as branches of foreign banks. Swedbank, SEB and Luminor have the largest market share.
