Lithuania: Central bank chief invites German banks to Lithuania

The board chairman of Lithuania’s central bank, the Bank of Lithuania, Gediminas Šimkus, said that German banks would be welcome in Lithuania, ELTA reports. Speaking at an event hosted by Lithuania’s honorary consul in Germany, Šimkus noted that the Lithuanian banking sector was still concentrated, with only three major banks accounting for the majority of the market. Their extremely high profitability shows that there is room for competition, he said. German banks with solid experience and financial strength could successfully compete in the Lithuanian banking market, Šimkus suggested. Over 50 representatives of commercial banks operating in Germany attended the event, the Bank of Lithuania reported.