Enough room for competition in Lithuania, and it could be German banks – Bank of Lithuania Chair
The Chairman of the Board of the Bank of Lithuania, Gediminas Šimkus, presented the advantages of Lithuania's banking sector to the representatives of German commercial banks at an event held in Frankfurt am Main today by the Bank of Lithuania and the Honorary Consul of Lithuania in Germany.
“The Lithuanian banking sector is still concentrated, with just three large banks taking the majority of the market share. Their very high profit margins show that there is room for competition and that German banks with solid experience and financial capacity could compete successfully,” Mr Šimkus said.
More than 50 representatives from commercial banks operating in Germany attended the event. It was aimed at sharing the prospects for these banks to expand into Lithuania and the Baltic region. Lithuania's banking sector performance has been among the best in Europe, demonstrating Lithuania's readiness as a jurisdiction to welcome high added value generating companies, thus creating more competition and a greater choice for the country's consumers.
The event was also attended by representatives of Invest Lithuania, the Lithuanian Ministry of Economy and Innovation, the German and Baltic Chambers of Commerce and the Lithuanian Embassy in Germany.