German Bank Commerzbank has opened a representative office in Lithuania.
According to a blog post on Invest Lithuania, the representative office in Vilnius will serve as the hub for the Baltic States of Estonia, Latvia, and Lithuania. Commerzbank is said to be focusing on trade and project finance in the region. Additionally, the public sector and local financial services industry is said to be a priority.
Gitanas Nausėda, President of Lithuania, issued a statement on the new office:
“This is an important step forward in our mutual collaboration as nations, which comes at a time when collaboration on all fronts is crucial. Following the joint communiqué with Chancellor, Germany has also confirmed plans of permanently stationing several thousand troops in Lithuania, and the overall level of mutual projects is rising. We look forward to welcoming Commerzbank to our growing financial sector and would like to invite others to join them and us here in Lithuania.”
Lithuania has emerged as a growing European Fintech hub, with many well-known names establishing offices in the country, which provides a launch point for the European Union.
Gediminas Šimkus, Chairman of the Bank of Lithuania, described Commerzbank’s decision as indicative if the ecosystems health and benefits of doing business in the country.
“… this move will encourage other international banking institutions of this renown to take advantage of our robust yet accommodating regulatory environment and strong competencies in all finance-related areas,” said Šimkus.
Elijus Čivilis, General Manager of Invest Lithuania, noted that in terms of licensed Fintech firms, Lithuania is first in the European Union.