New players will enter the Lithuanian banking market in 2024, Simonas Krepsta, board member of the Bank of Lithuania, announced, BNS reports. Speaking in an interview with LRT, Krepsta said that Polish banks had contacted Lithuanian regulators and the business community. He noted that the Lithuanian banking sector was “exceptionally profitable.” Earlier, Poland’s Bank Pekao…
Poland’s Bank Polska Kasa Opieki (Bank Pekao) plans to open a branch in Lithuania, according to Gediminas Simkus, head of the Bank of Lithuania, BNS reports. Speaking in an interview with 15min, Simkus said that Bank Pekao’s representatives visited Lithuania in December 2023. He was optimistic about the bank setting up operations in Lithuania. Sources…
Lithuania’s GDP will decline by 1.4% in 2023 and grow by 2.9% in 2024, the International Monetary Fund (IMF) forecasts, BNS reports. The country’s GDP will continue to rise by 2.7% in 2025, by 2.5% in 2026, by 2.2% in 2027, and by 2.1% in 2028, the IMF projects. Annual inflation will slow down to…
The Bulgarian provider of business payment solutions, Payhawk, has opened an office in Lithuania’s capital, Vilnius, Invest Lithuania reports. The company has received an electronic money institution (EMI) licence from the Bank of Lithuania. Payhawk plans to hire a team of finance professionals to help accelerate product development at the new Vilnius office, which is…
The three biggest risks to Lithuania’s financial system are the consequences of the war in Ukraine, the state of the economy, and cyber attacks, according to the Bank of Lithuania’s survey, ELTA reports. The risk of cyber attacks has increased significantly, the central bank noted. Dovydas Poderys, senior economist at the Bank of Lithuania, said…
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…