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2020.01.23 11:00

President Nausėda invites Polish bank to come to Lithuania

BNS2020.01.23 11:00

President Gitanas Nausėda has invited Poland's Pekao bank to enter the Lithuanian market after speaking with its CEO Marek Lusztyn in Davos, an adviser said.

“When competition is going down, margins are going up, it’s a good time for new players to come. We presented the idea and they were interested,” presidential adviser Simonas Krėpšta told BNS from Davos on Thursday.

President Nausėda's meeting with Lusztyn addressed a possibility for Pekao representatives to come to Lithuania to assess the situation in the market.

Nausėda has previously voiced concerns about high concentration in Lithuania's banking sector. Four fifths of the market is controlled by three major Scandinavian banks: Swedbank, SEB and Luminor.

Insurance and financial services company PZU is Pekao's major shareholder. PZU already owns Lithuania's largest non-life insurance company Lietuvos Draudimas and also life insurance company PZU Lietuva Gyvybės Draudimas.