UK-based Revolut has become the largest bank in Lithuania in just five years, according to the country’s central bank. But the headline figure, which includes assets from customers outside Lithuania, does not necessarily reflect the full picture of competition in the domestic market.
The digital bank’s rapid rise has added new momentum to a sector long dominated by Swedbank, SEB and Luminor. In recent months, rebranded Artea has also signalled its ambition to challenge incumbents.
Lithuania’s banking market was memorably described in 2019 by Gitanas Nausėda, then a presidential candidate: “Competition in the banking system is insufficient – there are three and a half banks in the country, and that is clearly not enough to provide quality and affordable services,” he said at the time.
Nausėda, who worked at SEB Bank (formerly Vilnius Bank) from 2000 to 2018, has made attracting more foreign banks to Lithuania a priority since becoming president. Following meetings with him, Germany’s Commerzbank opened a representative office in Vilnius last year, though Deutsche Bank has yet to follow through on previously discussed plans for a service centre.
In July, Nausėda met with executives from Poland’s PKO Bank Polski, but they have not publicly announced intentions in Lithuania. Still, the central bank’s latest review shows two pending applications for specialised bank licenses.
More players enter the field
Lithuania currently counts 13 banks holding either a full or specialised license, along with five operating as foreign branches. Licensed banks include Revolut Bank, PayRay Bank, SEB, Swedbank, Artea and Urbo.
Seven banks hold specialised licenses, among them Saldo Bank, Finora Bank, SME Bank, Fjord Bank, GF Bankas, European Merchant Bank and Mano Bankas. Foreign branches include Luminor, OP Corporate Bank, Citadele, Bigbank, Inbank and TF Bank.
Measured by assets, Revolut has achieved the fastest growth in the past five years. Absent from central bank reports in 2019, it now holds 30.8% of the market. Swedbank follows with 24.4%, SEB with 19.6%, Luminor with 10.5% and Artea with 6.6%. Other banks each hold less than 2%.
Compared with 2019, the shares of Swedbank, SEB, Luminor and Artea (formerly Šiaulių Bankas) have all decreased. The banks themselves note that Revolut’s cross-border operations in other EU countries distort the picture of its footprint in Lithuania.
Traditional banks still expand
Despite market share erosion, major banks report strong asset growth.
Vidmantas Šaferis, head of Swedbank’s Treasury Department, said deposits nearly doubled over the past five years, reaching €16.8 billion by June. Loans also doubled to more than €10 billion.
“Deposits grew both because of the bank’s active efforts and macroeconomic factors, including pandemic-era savings and higher wages in an inflationary environment,” Šaferis said. “Our liquidity portfolio rose from €4 billion to €10 billion. Last year, Swedbank became the largest business lender in Lithuania.”
SEB board member Ramūnas Bičiulaitis reported similar expansion. “SEB’s assets grew from €8.5 billion in 2019 to €15.2 billion in the first half of 2025 – a 79% increase. This rapid growth contributes to Lithuania’s economic development and customer well-being,” he said.
Luminor’s head of communications in Lithuania, Birutė Eimontaitė, said the group is focusing on being the leading independent bank in the Baltics. Changes in Lithuania alone are less pronounced, she noted.
Artea, meanwhile, says its position looks stronger once Revolut’s pan-European assets are excluded. By the bank’s own estimates, its market share would be 9.5% today, compared to 8.1% in 2019, said investment management chief Tomas Varenbergas.
Artea’s loan portfolio more than doubled from €1.6 billion in 2019 to €3.5 billion in early 2025. Housing loans now exceed €1 billion, up from just €100 million in 2019. “In this segment our market share rose from 1% to nearly 8%,” Varenbergas said.
He added that Artea updated its strategy last year: “We aim to become the best bank in Lithuania by 2029. We are currently in an investment stage – having rebranded in May and implementing a new core IT system to strengthen growth.”
Revolut points to customer growth
Revolut communications head Ingrida Daunaravičienė said the bank has boosted competition across Europe. “Licensed in Lithuania, our bank serves 40 million customers in 30 European Economic Area countries. Last year we became the largest bank in Lithuania by assets and the most valuable company in the Baltics,” she said.
In Lithuania, Revolut already serves more than 650,000 clients, with double-digit growth across segments. Retail customers grew 24% in 2024, business clients 57% and youth 47%.
By comparison, Swedbank reports 1.6 million private customers, SEB 900,000, Artea 500,000 and Luminor about 450,000 across retail and business.
Daunaravičienė said more Lithuanians now use Revolut as their primary account. The bank also launched housing loans in Lithuania this year. “From currency exchange to fully digital banking, savings, investments, consumer and housing credit, we can offer some of the best conditions on the market,” she said.
Digital versus physical presence
Consumer advocate Kęstutis Kupšys, a member of the European Economic and Social Committee, welcomed Revolut’s entry but stressed its lack of physical branches.
“We should not treat Revolut as a ‘real’ bank serving only Lithuania. It chose Lithuania as a convenient jurisdiction, not as its home market,” he said.
Kupšys warned of growing gaps in access: “If the last bank branch disappears from a district centre, it threatens the functioning of the economy. Banking is not just a market issue – it is infrastructure.”
He noted that individuals still need bank accounts to open companies, pay taxes and hire staff. “Revolut does not fill this gap,” he said. “Branches are essential for services that require advice or in-person contact. People discover only when they need it that the nearest branch is 50 kilometres away.”
Two decades ago, Lithuania had 643 branches, according to the Bank Association. By 2024, the number had fallen to 151 branches and 1,051 ATMs nationwide. Artea operates the most branches (54), followed by Swedbank (37), Urbo (25), SEB (18), Luminor (9), Citadele (6) and OP Corporate Bank (2).
Despite challenges, Kupšys sees attracting foreign banks as positive. “Each attempt to expand the market is useful, even if customers are slow to fully switch to new entrants,” he said.
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