The intentions of Commerzbank, one of the largest German banks, in Lithuania are “absolutely serious”, Economy and Innovation Minister Aušrinė Armonaitė has said.
She met with the representatives of the bank’s board in Vilnius on Thursday. On Friday, they will also meet with Lithuanian President Gitanas Nausėda.
“The meeting was very positive, and Commerzbank will inform itself about the specific plans in Lithuania,” Armonaitė told BNS on Thursday.
“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 said in response to a question on whether the bank has any plans for expansion in Lithuania.
“Commerzbank is a huge player. This means more opportunities for greater economic relations between Germany and Lithuania,” the minister added.
Armonaitė, 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 met with Commerzbank representatives for the first time in November last year when she visited the bank’s headquarters in Frankfurt. There, 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,” Armonaitė said.
According to Vaidas Augustinavičius, an economic adviser to President Nausėda, Commerzbank will announce its plans in Lithuania later this year.
“The bank itself will definitely comment, we will not have to wait long to hear the concrete news. […] We think it will definitely be this year,” Augustinavičius told reporters on Friday after the president’s meeting with the Commerzbank delegation.
“At today’s meeting, the president was very concerned about how to speed up the processes so that the German banks could enter the Lithuanian economy faster,” the adviser added.
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 operating in 46 countries worldwide.
In recent years, Lithuania’s leaders have been constantly inviting banks from other countries to set up operations 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 Žinios business publication reported about plans of the 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 operations in Lithuania.
In January, Gediminas Šimkus, Governor of the Bank of Lithuania, confirmed to the 15min news website the unofficial information that Pekao, one of the largest Polish banks, is also considering establishing a branch in Lithuania.
Before that, PKO, the largest Polish bank, officially confirmed to BNS that it intended to start operations in Lithuania without establishing a branch here.
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