Commerzbank, one of Germany’s largest banks, will open its representative office in Lithuania in December, the bank announced on Wednesday.
“Commerzbank is planning to open a new Representative Office in Lithuania, based in Vilnius, in December this year. As part of its international growth strategy, the bank recognises the great importance of the Baltic region,” Commerzbank said.
The new representative office in Vilnius will serve as the hub for the three Baltic states. Specifically, Commerzbank will focus on trade and project finance in the region. Additionally, deepening cooperation with the public sector and local financial services industry is a key priority.
“Germany is one of the most significant trade partners of the Baltic countries. This step will strengthen Commerzbank’s presence in this fast-growing region of Europe. By doing so, we also promote the diverse economic relations between the Baltic states and Germany,” said Michael Kotzbauer, the Commerzbank board member responsible for corporate clients.
Gediminas Šimkus, board chairman of the central Bank of Lithuania, says Commerzbank will bring more competition into the country’s banking sector.
“We see room for new entrants 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,” he told BNS on Wednesday.
Commerzbank earlier told BNS that Lithuania was “a dynamic and innovative player on the European and global stage”.
Economy Minister Aušrinė Armonaitė, who met with the bank’s delegation, told BNS that Commerzbank’s intentions in Lithuania were serious.
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