VILNIUS - Ever since the restoration of Lithuania’s independence, banks from the Nordic countries have looked on the small Baltic country and seen financial opportunities.
That, however, is changing. The president of the Lithuanian Banks’ Association, Stasys Kropas, says that Scandinavian-owned banks are no longer willing to invest in Lithuania due to low return on equity levels and warns that with banks cutting down on administrative expenses, the quality of their services declines.
The costs appear to outweight the potential benefits.
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