Several new banks likely to open in Lithuania this year

Several smaller banks are likely to enter the Lithuanian market later this year, the central bank’s board member says. These include both local and foreign financial companies.

“It is very likely that a number of smaller banks, both from abroad and those in the process of obtaining licenses, will join our sector this year. This concerns smaller commercial banks,” Simonas Krėpšta, member of the Board at the Bank of Lithuania, told reporters on Thursday.

The banks will make announcements themselves once the decisions are taken, he added, refusing to give any names.

At the end of 2023, Finance Minister Gintarė Skaistė and the central bank’s governor Gediminas Šimkus said the Lithuanian market was being eyed by a number of foreign companies. New arrivals are probably just a matter of time, they suggested.

The Lithuanian banking sector consists of 18 participants: 13 are holders of banking licences and five operate as branches of foreign banks. Swedbank, SEB and Luminor hold the biggest share of the market.