Commerzbank to open its representative office in Lithuania in December that will serve as hub for all Baltic countries

VILNIUS - Commerzbank, one of Germany's largest banks, will open its representative office in Lithuania in December that will serve as the bank's hub for the three Baltic states, 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 recognizes the great importance of the Baltic region," Commerzbank said.

Commerzbank will focus on trade and project finance in the Baltics. Additionally, the deepening of the 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," Michael Kotzbauer, the Commerzbank board member responsible for corporate clients said.

Gediminas Simkus, board chairman of the central Bank of Lithuania, says Commerzbank will strengthen the competitiveness of 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 and Innovation Minister Ausrine Armonaite, who met with the bank's delegation, told BNS that Commerzbank's intentions in Lithuania were serious.